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of <h1>Income Tax Amendment: Section 115ACA Now Taxes Long-Term Capital Gains at 12.5% for Transfers After July 23, 2024.</h1> Section 115ACA of the Income-tax Act has been amended by the Finance (No. 2) Act, 2024. The amendment replaces clause (ii) in sub-section (1), effective from July 23, 2024. It specifies that the income tax on long-term capital gains included in total income is calculated at a rate of 10% for transfers before July 23, 2024, and at a rate of 12.5% for transfers occurring on or after that date.
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