Amendment of section 48
Section 22 of the Finance Act, 2023 deals with amendment of section 48. Amendment of section 48. 22. In section 48 of the Income-tax Act, in clause (ii), the following shall be inserted with effect from the 1st day of April, 2024, namely:— "Provided that the cost of acquisition of the asset or the cost of improvement thereto shall not include the deductions claimed on t
Amendment of section 48.
22. In section 48 of the Income-tax Act, in clause (ii), the following shall be inserted with effect from the 1st day of April, 2024, namely:—
"Provided that the cost of acquisition of the asset or the cost of improvement thereto shall not include the deductions claimed on the amount of interest under clause (b) of section 24 or under the provisions of Chapter VIA.
Explanation 1.—For the removal of doubt, it is hereby clarified that the cost of acquisition of a unit of a business trust shall be reduced and shall be deemed to have always been reduced by any sum received by a unit holder from the business trust with respect to such unit, which is not in the nature of income as referred to in clause (23FC) or clause (23FCA) of section 10 and which is not chargeable to tax under clause (xii) of sub-section (2) of section 56 and under sub-section (2) of section 115UA.
Explanation 2.—For the purposes of Explanation 1, it is clarified that where transaction of transfer of a unit is not considered as transfer under section 47 and cost of acquisition of such unit is determined under section 49, sum received with respect to such unit before such transaction as well as after such transaction shall be reduced from the cost of acquisition under the said Explanation."
Section 22, The Finance Act, 2023 (Act 8 of 2023).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
This section refers to
Referred to by 1
Questions about Section 22
What does Section 22 of the Finance Act deal with?
Section 22 of the Finance Act is headed "Amendment of section 48". Amendment of section 48. 22. In section 48 of the Income-tax Act, in clause (ii), the following shall be inserted with effect from the 1st day of April, 2024, namely:— "Provided that the cost of acquisition of the asset or the cost of improvement thereto shall not include the deductions claimed on t
How do I find court cases under Section 22 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 2023 22, section 22 Finance Act 2023, section 22 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 22 of the Finance Act, and has it changed?
Its own text turns on section 10 (Amendment of section 17), section 24 (Insertion of new section 50AA), section 47 (Amendment of section 92D), section 48 (Amendment of section 94B), and on 3 further provisions, so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.
When was the Finance Act enacted?
Finance Act was enacted in 2023 as Act 8 of 2023. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
- First Schedule. First Schedule10190 words
- 2. Income-tax8337 words
- Fourth Schedule. Fourth Schedule6615 words
- 5. Amendment of section 102717 words
- 150. Substitution of new section for section 1101621 words
- 54. Insertion of new section 115BAE1218 words
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.