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<h1>Income-tax Act Section 48 amended; new proviso for long-term capital gains effective July 23, 2024.</h1> Section 48 of the Income-tax Act has been amended by the Finance (No. 2) Act, 2024. The amendment specifies that in the second proviso, the phrase '(which takes place before the 23rd day of July, 2024)' is to be inserted after the words 'where long-term capital gain arises from the transfer.' This insertion is effective from July 23, 2024.