{"act":{"id":"finance-act-2023","short_title":"The Finance Act, 2023","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2023-2024.","act_number":"8","act_year":2023,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":181,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2023/"},"unit":"section","section":{"number":"23","heading":"Amendment of section 49","text":"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.\".","html":"<p><b>Amendment of section 49.</b></p><p><b>23. </b> In section 49 of the Income-tax Act,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>after sub-section (2AH), the following sub-section shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>\"(2AI) Where the capital asset, being shares as referred to in clause (<i>xx</i>) 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.\";</td></tr><tr><td>(<i>b</i>)</td><td></td><td>after sub-section (9), the following sub-section shall be inserted with effect from the 1st day of April, 2024, namely:—</td></tr><tr><td></td><td></td><td>\"(10) Where the capital asset, being—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>an Electronic Gold Receipt issued by a Vault Manager, became the property of the person as consideration of a transfer, referred to in clause (<i>viid</i>) 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;</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>gold released against an Electronic Gold Receipt, which became the property of the person as consideration for a transfer, referred to in clause (<i>viid</i>) 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.\".</td></tr></table></div>","words":232,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2023/section/23/","note":null,"source_note":"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.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}