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of <h1>Amendment to Income-tax Act: New Clause in Section 55(2) Affects Unlisted Shares from IPOs, Effective April 2018.</h1> Section 55 of the Income-tax Act has been amended by the Finance (No. 2) Act, 2024. In sub-section (2), clause (ac), an additional item (AA) has been inserted in the Explanation, effective retrospectively from April 1, 2018. This item addresses shares not listed on a recognized stock exchange as of January 31, 2018, or shares acquired through non-transfer transactions under section 47, which were subsequently listed after a transfer involving the sale of unlisted equity shares in an initial public offering.
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