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of <h1>Gold to Electronic Receipts Conversion Excluded from Capital Gains 'Transfer' in Budget 2023-24, Effective April 2024.</h1> The Union Budget 2023-24 and Finance Bill propose regulatory changes for the conversion of gold to Electronic Gold Receipts (EGR) and vice versa, overseen by SEBI. The conversion process will be excluded from being considered a 'transfer' for capital gains purposes. The cost of acquisition for EGR will be deemed the same as the physical gold, and the holding period for capital gains will include the time gold was held before conversion. Amendments to relevant sections of the Act are proposed to facilitate these changes, effective from April 1, 2024, applicable from the assessment year 2024-25 onward.
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