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of <h1>Finance Act, 1964: Changes in Section 45 - Capital Gains Tax on Bonus Shares and Profits from Transfers Clarified</h1> The Finance Act, 1964 amends Section 45 of the Income-tax Act by renumbering it as sub-section (1) and adding new sub-sections (2) to (4). Sub-section (2) states that equity shareholders receiving bonus shares, unless issued entirely from the share premium account, are subject to capital gains tax based on the fair market value thirty days post-allotment. Exceptions include shares in stock-in-trade or those allotted before April 1, 1964. Sub-section (3) excludes profits from transfers within thirty days from total income, while sub-section (4) allows inclusion of profits from transfers beyond thirty days in the assessee's total income.
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