Amendment of section 2.

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..... k 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 .....

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..... short-term capital asset to be a capital asset held by an assessee for not more than thirty-six months immediately preceding the date of its transfer. Further Explanation 1 of the said clause provides for determining the period for which the capital asset is held by the assessee. It is proposed to amend the third proviso to the said clause so as to provide that in the case of an immovable property .....

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..... ovide that 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 the mutual fund scheme were held by the assessee. This amendment will take effect from 1st April, 2017 and will, accordingly, .....

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