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of <h1>Amendment to Section 48: Changes to Long-Term Capital Gains Calculations Effective Retroactively from July 23, 2024</h1> Clause 20 of the Finance (No. 2) Bill, 2024, proposes an amendment to section 48 of the Income-tax Act concerning the computation of long-term capital gains. The amendment specifies that the second proviso's application is restricted to transfers occurring before July 23, 2024. This proviso involves replacing 'cost of acquisition' and 'cost of any improvement' with 'indexed cost of acquisition' and 'indexed cost of any improvement' for long-term capital assets, excluding gains for non-residents from Indian company shares or debentures. This change is effective retrospectively from July 23, 2024.
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