{"act":{"id":"finance-act-2024-no-2","short_title":"The Finance Act, 2024 (No. 2)","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2024-2025.","act_number":null,"act_year":2024,"enact_date":"2024-08-16","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":174,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2024-no-2/"},"unit":"section","section":{"number":"33","heading":"Amendment of section 115AB","text":"Amendment of section 115AB. 33. In section 115AB of the Income-tax Act, in sub-section (1), in the long-line, for clause (ii), the following clause shall be substituted and shall be deemed to have been substituted with effect from the 23rd day of July, 2024, namely:— \"(ii) the amount of income-tax calculated on the income by way of long-term capital gains referred to in clause (b), if any, included in the total income,— (A) | at the rate of ten 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\".","html":"<p><b>Amendment of section 115AB.</b></p><p><b>33.</b> In section 115AB of the Income-tax Act, in sub-section (1), in the long-line, for clause (<i>ii</i>), the following clause shall be substituted and shall be deemed to have been substituted with effect from the 23rd day of July, 2024, namely:—</p><p>\"(<i>ii</i>) the amount of income-tax calculated on the income by way of long-term capital gains referred to in clause (<i>b</i>), if any, included in the total income,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(A)</td><td></td><td>at the rate of ten per cent for any transfer which takes place before the 23rd day of July, 2024; and</td></tr><tr><td>(B)</td><td></td><td>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\".</td></tr></table></div>","words":122,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2024-no-2/section/33/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}