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of <h1>Income Tax Update: New Tax Rates for Short and Long-Term Capital Gains Effective July 23, 2024, Under Sections 111A & 112A.</h1> Section 115AD of the Income-tax Act is amended effective July 23, 2024. For short-term capital gains under section 111A, the tax rate is set at 15% for transfers before July 23, 2024, and 20% for transfers on or after this date. For long-term capital assets under section 112A, exceeding INR 125,000, the tax rate is 10% for transfers before July 23, 2024, and 12.5% for transfers on or after this date. The INR 125,000 threshold applies to the aggregate of such long-term capital gains.
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