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of <h1>Tax Rate Changes on Long-term Capital Gains: Section 112 Update Effective July 23, 2024</h1> Section 112 of the Income-tax Act has been amended to adjust the tax rates on long-term capital gains effective from July 23, 2024. For individuals, Hindu undivided families, domestic companies, and other residents, the tax rate is set at 20% for transfers before this date and 12.5% for transfers on or after this date. Non-residents and foreign companies are taxed similarly, except for gains from unlisted securities, which are taxed at 10% before July 23, 2024, and 12.5% after. Specific provisions address cases where the calculated tax exceeds certain thresholds, allowing for adjustments.
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