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of <h1>Finance Act 1964 Amends Income-tax Act: New Clauses on Capital Gains for Bonus Shares and Corporate Actions in Section 55.</h1> The Finance Act, 1964, amends section 55 of the Income-tax Act by adding clauses (iv) and (v) to sub-section (2). Clause (iv) addresses capital gains taxation on shares allotted as bonuses, specifying that if transferred after thirty days, the fair market value on the following day is considered. Clause (v) pertains to shares or stock acquired through corporate actions such as consolidation, conversion, or subdivision. It defines the cost of acquisition based on the original shares or stock from which the asset is derived.
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