On 25 July 2014, India's lower house of parliament, Lok Sabha, passed the amended Finance Bill 2014. The finance bill includes the changes introduced by Finance Minister Arun Jaitley in the 2014-15 Union Budget, with several amendments.
Key amendments to the initial proposal include:
- Unlisted shares and non-equity mutual funds are categorized as long-term capital assets if they were transferred between April 1 and July 10 after being held for more than 12 months (originally 36 months)
- From…