Clause 3 - Amendment of section 2. - Finance Bill, 2017

CHAPTER III DIRECT TAXES Income-tax Amendment of section 2. 3. In section 2 of the Income-tax Act, in clause (42A),- (a) in the third proviso [as inserted by section 3 of the Finance Act, 2016 (28 of 2016)], after the words and brackets a company (not being a share listed in a recognised stock exchange in India) , the words or an immovable property, being land or building or both, shall be inserted with effect from the 1st day of April, 2018; (b) in Explanation 1, in clause (i),- (A) after sub-clause (he), the following sub-clause shall be inserted with effect from the 1st day of April, 2018, namely:- (hf) in the case of a capital asset, being equity shares in a company, which becomes the property of the assessee in consideration of a transfer referred to in clause (xb) of section 47, there shall be included the period for which the preference shares were held by the assessee; ; (B) after sub-clause (hf) as so inserted, the following sub-clause shall be inserted, namely:- (hg) in the case of a capital asset, being a unit or units, which becomes the property of the assessee in consideration of a transfer referred to in clause (xix) of section 47, there shall be included the period for which the unit or units in the consolidating plan of a mutual fund scheme were held by the assessee; .