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of <h1>Finance Bill 2023 amends Income-tax Act section 49 to address cost of acquisition for Electronic Gold Receipts.</h1> Clause 23 of the Finance Bill, 2023, amends section 49 of the Income-tax Act to include a new sub-section (10), effective from April 1, 2024. This amendment addresses the cost of acquisition for capital gains computation involving Electronic Gold Receipts (EGRs). It stipulates that when an EGR becomes a person's property through a transfer specified in section 47 clause (viid), the acquisition cost is deemed to be the gold's cost for the EGR holder. Similarly, for gold acquired against an EGR, the acquisition cost is deemed to be the EGR's cost for the holder.
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