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of <h1>Union Budget 2024-25: Amendment to Section 50AA Clarifies Taxation for Specified Mutual Funds, Impacting ETFs and Gold Funds.</h1> The Union Budget 2024-25 proposes an amendment to the definition of 'Specified Mutual Fund' under section 50AA to clarify taxation on capital gains. Previously, gains from Market Linked Debentures and Specified Mutual Funds were taxed as short-term regardless of holding period. The amendment addresses issues for funds investing less than 35% in equity, impacting ETFs, Gold Mutual Funds, and Fund-of-Funds (FoFs). The revised definition includes funds investing over 65% in debt and money market instruments or in units of such funds. This change is set to take effect from April 1, 2026, applicable from AY 2026-27.
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