Amendment of section 49

In force Act 8 of 2023 As on 10 Oct 2026

Act 8 of 2023 Ministry Finance Cited by 2 provisions

Section 23 of the Finance Act, 2023 deals with amendment of section 49. 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 acquisiti

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.".
Section 23, 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.

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Referred to by 2

Questions about Section 23

What does Section 23 of the Finance Act deal with?

Section 23 of the Finance Act is headed "Amendment of section 49". 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 acquisiti

How do I find court cases under Section 23 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 23, section 23 Finance Act 2023, section 23 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 23 of the Finance Act, and has it changed?

Its own text turns on section 47 (Amendment of section 92D), section 49 (Amendment of section 111A), Income-tax Act 49 (Cost with reference to certain modes of acquisition), so none of them can safely be read on its own. 2 other provisions in this corpus refer 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

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(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.".