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of <h1>Union Budget 2024-25 amends IT Act Section 55 to address tax issues in equity shares via OFS in IPOs.</h1> The Union Budget 2024-25 proposes an amendment to Section 55 of the Income Tax Act, addressing issues in calculating the cost of acquisition for equity shares acquired through Offer-For-Sale (OFS) during Initial Public Offerings (IPOs). Previously, exemptions on long-term capital gains were withdrawn, requiring tax on gains where Securities Transaction Tax (STT) was paid. However, a gap emerged for shares unlisted at transfer time, leading to tax avoidance. The amendment aims to clarify the determination of Fair Market Value (FMV) for such shares, applying retrospectively from April 1, 2018, to ensure capital gains tax compliance.
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