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of <h1>Finance Bill 2024 amends section 115E: Long-term capital gains tax for NRIs rises from 10% to 12.5% post-July 23.</h1> Clause 38 of the Finance (No. 2) Bill, 2024 amends section 115E of the Income-tax Act, which concerns tax on investment income and long-term capital gains for non-resident Indians. The amendment changes the tax rate on long-term capital gains. For transfers occurring before July 23, 2024, the rate remains at 10%. For transfers on or after this date, the rate increases to 12.5%. This change is effective retrospectively from July 23, 2024. The section also addresses tax calculations on investment income at a 20% rate and outlines the aggregate tax payable.
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