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Section31
The Finance Act, 2024 (No. 2)

Amendment of section 112A

In force As on 06 Oct 2026

Ministry Finance Enacted 16 Aug 2024 Cited by 2 provisions

Section 31 of the Finance Act, 2024 (No. 2) deals with amendment of section 112A. 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 The Act was enacted on 16 Aug 2024.

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);".
Section 31, The Finance Act, 2024 (No. 2).

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

  1. Income-tax Act s. 112A Tax on long-term capital gains in certain cases

Referred to by 2

  1. s. 122 Amendment of section 31
  2. s. First Schedule -

Questions about Section 31

What does Section 31 of the Finance Act, 2024 (No. 2) deal with?

Section 31 of the Finance Act, 2024 (No. 2) is headed "Amendment of section 112A". 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

How do I find court cases under Section 31 of the Finance Act, 2024 (No. 2)?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act, 2024 (No. 2) 31, section 31 Finance Act, 2024 (No. 2), section 31 of the Finance Act, 2024 (No. 2). Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

What should I read with Section 31 of the Finance Act, 2024 (No. 2), and has it changed?

Its own text turns on Income-tax Act 112A (Tax on long-term capital gains in certain cases), so none of them can safely be read on its own. 2 other provisions in this corpus refer back to it.

When was Section 31 of the Finance Act, 2024 (No. 2) enacted?

Section 31 of the Finance Act, 2024 (No. 2), cited as Finance Act, 2024 (No. 2) 31, was enacted on 16 Aug 2024. It is in force as at the date shown on this page.

Other sections of this Act

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. 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. This page is not a substitute for legal advice.