Section 22

Amendment of section 54E

22. In section 54E of the Income-tax Act, with effect from the 1st day of April, 1988,—

(a) in sub-section (1); for the words "capital asset, not being a short-term capital asset", the words "long-term capital asset' shall be substituted;

(b) in sub-section (2), for the words "capital assets other than short-term capital assets", the Words "long-term capital assets" shall be substituted;

(c) sub-sections (3), (4) and (5) shall be omitted;

(d) sub-section (6) shall be renumbered as sub-section (3), and in that sub-section as so renumbered, the words, brackets, letters and figure "or clause (a) or clause (b) of sub-section (3)'' shall be omitted.

[Finance Act, 1987]