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          <h1>Finance Act 2024 Amends Section 50AA: Capital Gains on Specific Instruments Now Classified as Short-Term Gains</h1> Section 50AA of the Income-tax Act has been amended by the Finance (No. 2) Act, 2024, effective from July 23, 2024. The amendment specifies that capital gains from certain financial instruments, such as units of Specified Mutual Funds acquired after April 1, 2023, market-linked debentures, and unlisted bonds or debentures transferred or matured after July 23, 2024, will be treated as short-term capital gains. Additionally, the definition of 'Specified Mutual Fund' has been revised, effective April 1, 2026, to include funds investing over 65% in debt and money market instruments, with investment percentages based on annual averages.

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