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          <h1>Finance Bill 2024 Amends Section 50AA: Capital Gains on Certain Financial Instruments Now Short-Term</h1> Clause 21 of the Finance (No. 2) Bill, 2024, amends section 50AA of the Income-tax Act, affecting capital gains computation for certain financial instruments. It specifies that capital gains from units of Specified Mutual Funds acquired after April 1, 2023, Market Linked Debentures, or unlisted bonds/debentures transferred or redeemed after July 23, 2024, will be treated as short-term. The amendment redefines 'Specified Mutual Fund' as those investing over 65% in debt and money market instruments, effective from April 1, 2026, impacting the assessment year 2026-2027 onward.

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