Capital gains
E.—Capital gains
Capital gains.
45. 5[(1)] Any profits or gains arising from the transfer of a capital asset effected in the previous year shall, save as otherwise provided in sections 6[53, 54, 54B, 7[* * *] 8[9[54D, 54E and 54F] ], be chargeable to income-tax under head "Capital gains", and shall be deemed to be the income of the previous year in which the transfer took place.
(2) to (4) [Omitted by the Finance Act, 1966, w.e.f. 1-4-1966. Earlier, these subsections were inserted by the Finance Act. 1964, w.e.f. 1-4-1964.]
5. Inserted by the Finance Act, 1964, w.e.f. 1-4-1964 and deemed to have been omitted with omissions of sub-ssction (2) to (4) by the Finance Act, 1966, w.e.f. 1-4-1966.
6. "53, 54 and 54B" substituted for "53 and 54" by the Finance Act, 1970, w.e.f. 1-4-1970, "53, 54, 54B and 54C" substituted for "53, 54 and 54B" by the Finance Act, 1972, w.e.f. 1-4-1973 and "53, 54, 54B, 54C and 54D" substituted for "53, 54, 54B and 54C" by the Finance Act, 1973, w.e.f. 1-4-1974.
7. "54C" omitted by the Finance Act, 1976, w.e.f. 1-4-1976.
8. Substituted for "and 54D" by the Finance (No. 2) Act, 1977, w.e.f. 1-4-1978.
9. Substituted for "54D and 54E" by the Finance Act, 1982, w.e.f. 1-4-1983.
[As amended by the Finance Act, 1983]