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of <h1>Income Tax Act Amendment: Long-term Capital Gains Tax Rate Changes to 12.5% for Transfers After July 23, 2024.</h1> Section 115AB of the Income-tax Act has been amended under the Finance (No. 2) Act, 2024. The amendment modifies clause (ii) in subsection (1) to adjust the income tax rates on long-term capital gains. For transfers occurring before July 23, 2024, the tax rate is set at 10%. For transfers on or after this date, the tax rate increases to 12.5%. This change is effective from July 23, 2024.
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