# The Finance Act, 2024 (No. 2), Section 31: Amendment of section 112A

- Act: The Finance Act, 2024 (No. 2)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2024-no-2/section/31/

## Text

Amendment of section 112A. 31. In section 112A of the Income-tax Act, in sub-section (2), for clause (i), the following shall be substituted and shall be deemed to have been substituted with effect from the 23rd day of July, 2024, namely:— "(i) | the amount of income-tax calculated on such long-term capital gains exceeding one lakh twenty-five thousand rupees— (a) | on long-term capital gains at the rate of ten per cent. for any transfer which takes place before the 23rd day of July, 2024; and (b) | on long-term capital gains, 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 the limit of one lakh twenty-five thousand rupees shall apply on aggregate of the long-term capital gains under sub-clauses (a) and (b);".

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