Section 22 - Amendment of section 54E - Finance Act, 1987

22. Amendment of section 54E 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.