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of <h1>Amendment to Section 48: Long-term capital gains on bonds and debentures exempt, with specific exclusions for non-residents.</h1> Section 48 of the Income-tax Act was amended by the Finance Act, 2016, effective April 1, 2017. The amendment replaces the third proviso with new provisions, stating that the second proviso does not apply to long-term capital gains from transferring bonds or debentures, except for government-issued capital indexed bonds and Sovereign Gold Bonds issued by the Reserve Bank of India under the 2015 scheme. Additionally, for non-residents, gains from rupee appreciation against foreign currency during redemption of rupee-denominated bonds of Indian companies are excluded from the full value consideration calculation.
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