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of <h1>Amendment to Section 2(14) clarifies securities income classification for investment funds as capital gains from 2026-27.</h1> The Union Budget 2025-26 proposes an amendment to the definition of 'capital asset' in Section 2(14) of the Act. This change aims to clarify the classification of income from securities transactions for investment funds specified in Section 115UB. Currently, there is ambiguity in whether such income is capital gain or business income. The amendment specifies that securities held by these investment funds, in compliance with the Securities and Exchange Board of India Act, 1992, will be considered capital assets, ensuring income from their transfer is treated as capital gain. This amendment will be effective from April 1, 2026, applicable for the assessment year 2026-27 onwards.
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