Section 23 - Amendment of section 49. - Finance Act, 2023

Amendment of section 49. 23. In section 49 of the Income-tax Act, (a) after sub-section (2AH), the following sub-section shall be inserted, namely: (2AI) Where the capital asset, being shares as referred to in clause (xx) of section 47, became the property of the assessee, the cost of acquisition of such asset shall be deemed to be the cost of acquisition to it of the interest in the joint venture referred to in the said clause. ; (b) after sub-section (9), the following sub-section shall be inserted with effect from the 1st day of April, 2024, namely: (10) Where the capital asset, being (i) an Electronic Gold Receipt issued by a Vault Manager, became the property of the person as consideration of a transfer, referred to in clause (viid) of section 47, the cost of acquisition of the asset for the purposes of the said transfer, shall be deemed to be the cost of gold in the hands of the person in whose name Electronic Gold Receipt is issued; (ii) gold released against an Electronic Gold Receipt, which became the property of the person as consideration for a transfer, referred to in clause (viid) of section 47, the cost of acquisition of the asset for the purposes of the said transfer shall be deemed to be the cost of the Electronic Gold Receipt in the hands of such person. .