Amendment of section 112.

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....ay of July, 2024, namely:- "(a) in the case of an individual or a Hindu undivided family, being a resident,- (i) the amount of income-tax payable on the total income as reduced by the amount of such long-term capital gains, had the total income as so reduced been his total income; and (ii) the amount of income-tax calculated on such long-term capital gains,-- (A) at t....

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....or both, which is acquired before the 23rd day of July, 2024, where the income-tax computed under item (B) exceeds the income-tax computed in accordance with the provisions of this Act, as they stood immediately before their amendment by the Finance (No. 2) Act, 2024, such excess shall be ignored; (b) in the case of a domestic company,- (i) the amount of income-tax payable on the total....

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....tal gains [except where such gain arises from transfer of capital asset referred to in sub-clause (iii)],-- (A) at the rate of twenty per cent. for any transfer which takes place before the 23rd day of July, 2024; and (B) at the rate of twelve and one-half per cent. for any transfer which takes place on or after the 23rd day of July, 2024; and (iii) the amount of income-....

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.... (ii) the amount of income-tax calculated on such long-term capital gains,-- (A) at the rate of twenty per cent. for any transfer which takes place before the 23rd day of July, 2024; and (B) at the rate of twelve and one-half per cent. for any transfer which takes place on or after the 23rd day of July, 2024: Provided that where the tax payable in respect of any incom....