Section 18 - Amendment of section 53 - Finance Act, 1987

18. Amendment of section 53 In section 53 of the Income-tax Act, with effect from the 1st day of April, 1988, - (a) in the opening paragraph, - (i) after the words assessee being an individual , the words or a Hindu undivided family shall be inserted; (ii) for the words and brackets capital asset (other than a short-term capital asset) , the words long-term capital asset shall be substituted; (b) the following Explanation shall be added at the end, namely :- Explanation : In this section and in sections 54, 54B, 54D, 54E, 54F and 54G, references to capital gain shall be construed as references to the amount of capital gain as computed under clause (a) of sub-section (1) of section 48. .