The Central Board of Indirect Taxes on 18th July, 2023 has issued the Income-tax (Thirteenth Amendment) Rules, 2023. The amendment provides that the receipt of following property need not be reported under the head of “Income from other sources”:
“Any movable property, being shares or units or interest in the resultant fund received by the fund management entity of the resultant fund, in lieu of shares or units or interest held by the investment manager entity in the original fund”.
