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of <h1>Finance Bill 2023 amends Income-tax Act Section 48, impacting capital gains by excluding certain interest deductions. Effective 2024.</h1> Clause 22 of the Finance Bill, 2023, proposes an amendment to section 48 of the Income-tax Act, specifically in clause (ii), effective from April 1, 2024. This amendment introduces a proviso stating that the cost of acquisition or improvement of an asset, for the purpose of computing capital gains, shall exclude deductions claimed on interest amounts under section 24(b) or Chapter VIA. This change will apply to the assessment year 2024-2025 and onwards, affecting the calculation of capital gains by disallowing certain interest-related deductions from the asset's cost basis.
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