Section 11 - Amendment of section 54 - Finance Act, 1986

11. Amendment of section 54 In section 54 of the Income-tax Act, with effect from the 1st day of April, 1987, - (a) in sub-section (1), for the words one year before or after the date on which the transfer took place purchased , the words one year before or two years after the date on which the transfer took place purchased shall be substituted; (b) in sub-section (2), for the words one year before or after the date of receipt of the additional compensation purchased , the words one year before or two years after the date of receipt of the additional compensation purchased shall be substituted.