{"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":"36","heading":"Amendment of section 115AD","text":"Amendment of section 115AD. 36. In section 115AD of the Income-tax Act, in sub-section (1), with effect from the 23rd day of July, 2024,— (a) | in the longline, in clause (ii), for the proviso, the following proviso shall be substituted and shall be deemed to have been substituted, namely:— \"Provided that the amount of income-tax calculated on the income by way of short-term capital gains referred to in section 111A shall be at the rate of— (A) | fifteen per cent for any transfer which takes place before the 23rd day of July, 2024; and (B) | twenty per cent for any transfer which takes place on or after the 23rd day of July, 2024;\"; (b) | in clause (iii), for the proviso, the following provisos shall be substituted and shall be deemed to have been substituted, namely:— \"Provided that in case of income arising from the transfer of a long-term capital asset referred to in section 112A which exceeds one lakh and twenty-five thousand rupees, income-tax shall be calculated at the rate of— (A) | ten per cent where transfer of such asset takes place before the 23rd day of July, 2024; and (B) | twelve and one-half per cent where transfer of such asset takes place on or after the 23rd day of July, 2024: Provided further that the limit of one lakh twenty-five thousand rupees mentioned in the first proviso shall apply on aggregate of the long-term capital gains referred to in clauses (A) and (B); and\".","html":"Amendment of section 115AD.
36. In section 115AD of the Income-tax Act, in sub-section (1), with effect from the 23rd day of July, 2024,—
| (a) | | in the longline, in clause (ii), for the proviso, the following proviso shall be substituted and shall be deemed to have been substituted, namely:— |
| | \"Provided that the amount of income-tax calculated on the income by way of short-term capital gains referred to in section 111A shall be at the rate of— |
| (A) | | fifteen per cent for any transfer which takes place before the 23rd day of July, 2024; and |
| (B) | | twenty per cent for any transfer which takes place on or after the 23rd day of July, 2024;\"; |
| (b) | | in clause (iii), for the proviso, the following provisos shall be substituted and shall be deemed to have been substituted, namely:— |
| | \"Provided that in case of income arising from the transfer of a long-term capital asset referred to in section 112A which exceeds one lakh and twenty-five thousand rupees, income-tax shall be calculated at the rate of— |
| (A) | | ten per cent where transfer of such asset takes place before the 23rd day of July, 2024; and |
| (B) | | twelve and one-half per cent where transfer of such asset takes place on or after the 23rd day of July, 2024: |
| | Provided further that the limit of one lakh twenty-five thousand rupees mentioned in the first proviso shall apply on aggregate of the long-term capital gains referred to in clauses (A) and (B); and\". |