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Section29
The Finance Act, 2016

Amendment of section 48

In force As on 07 Oct 2026

Ministry Finance Enacted 27 Jun 2016

Section 29 of the Finance Act, 2016 deals with amendment of section 48. Amendment of section 48. 29. In section 48 of the Income-tax Act, for the third proviso, the following provisos shall be substituted with effect from the 1st day of April, 2017:— "Provided also that nothing contained in the second proviso shall apply to the long-term capital gain arising from the tr The Act was enacted on 27 Jun 2016.

Amendment of section 48.

29. In section 48 of the Income-tax Act, for the third proviso, the following provisos shall be substituted with effect from the 1st day of April, 2017:—

"Provided also that nothing contained in the second proviso shall apply to the long-term capital gain arising from the transfer of a long-term capital asset, being a bond or debenture other than—

(a)capital indexed bonds issued by the Government; or
(b)Sovereign Gold Bond issued by the Reserve Bank of India under the Sovereign Gold Bond Scheme, 2015:

Provided also that in case of an assessee being a non-resident, any gains arising on account of appreciation of rupee against a foreign currency at the time of redemption of rupee denominated bond of an Indian company subscribed by him, shall be ignored for the purposes of computation of full value of consideration under this section:".

Section 29, The Finance Act, 2016.

Cross-references

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

This section refers to

  1. s. 48 Amendment of section 92D
  2. Income-tax Act s. 48 Mode of computation

Questions about Section 29

What does Section 29 of the Finance Act deal with?

Section 29 of the Finance Act is headed "Amendment of section 48". Amendment of section 48. 29. In section 48 of the Income-tax Act, for the third proviso, the following provisos shall be substituted with effect from the 1st day of April, 2017:— "Provided also that nothing contained in the second proviso shall apply to the long-term capital gain arising from the tr

How do I find court cases under Section 29 of the Finance Act?

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 2016 29, section 29 Finance Act 2016, section 29 of the Finance Act. 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 29 of the Finance Act, and has it changed?

Its own text turns on section 48 (Amendment of section 92D), Income-tax Act 48 (Mode of computation), so none of them can safely be read on its own.

When was Section 29 of the Finance Act enacted?

Section 29 of the Finance Act, cited as Finance Act 2016 29, was enacted on 27 Jun 2016. 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.