Amendment of section 54EC.
28. In section 54EC of the Income-tax Act, in sub-section (3), clause (a) shall be omitted.
Notes on Clauses:
Clause 28 of the Bill seeks to amend section 54EC of the Income-tax Act relating to capital gain not to be charged on investment in certain bonds.
It is proposed to omit clause (a) of sub-section (3) of the said section which is consequential due to the omission of section 88.
This amendment will take effect from 1st April, 2023.