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of <h1>Finance Bill 2024 amends Income-tax Act Section 55, redefining 'fair market value' for certain equity shares retroactively.</h1> Clause 22 of the Finance (No. 2) Bill, 2024 proposes an amendment to section 55 of the Income-tax Act, specifically targeting the definition of 'fair market value' for equity shares. The amendment introduces item (AA) to address situations where equity shares were not listed on a recognized stock exchange as of January 31, 2018, or were acquired through a non-transfer transaction under section 47 but later listed. The fair market value will be calculated using a proportionate method based on the Cost Inflation Index for 2017-2018. This change is retroactive from April 1, 2018, affecting assessments from 2018-2019 onwards.
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