Amendment status not verified — confirm the current text below against the official source.
In section 115AD of the Income-tax Act, in sub-section (1), with effect from the 23rd day of July, 2024,-- (a) in the long line, 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".