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of <h1>Finance Bill 2024 Amends Section 115ACA: Tax Rate on GDR Capital Gains Rises to 12.5% for Post-July 2024 Transfers</h1> Clause 35 of the Finance (No. 2) Bill, 2024, amends section 115ACA of the Income-tax Act concerning tax on income from Global Depository Receipts (GDRs) purchased in foreign currency or capital gains from their transfer. The amendment changes the tax rate on long-term capital gains from GDRs for resident employees of Indian companies in specified industries. For transfers before July 23, 2024, the tax rate remains at 10%, while for transfers on or after that date, the rate increases to 12.5%. This change is effective retrospectively from July 23, 2024.
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