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Amendment of section 2.

Clause 3 - Bills - DIRECT TAXES - Income-tax - FINANCE BILL, 2017 - Clause 3 - CHAPTER III DIRECT TAXES Income-tax 3. In section 2 of the Income-tax Act, in clause (42A),- (a) in the third proviso [as inserted by section 3 of the Finance Act, 2016 (2 .....

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; (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 t .....

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ng sub-clause shall be inserted, namely:- (hg) 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 per .....

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A) of the said section defines the expression "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 .....

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said period of holding shall be less than twenty-four months for it to be treated as short term capital asset. It is also proposed to insert a new sub-clause (hf) in Clause (i) of Explanation 1 of the said clause so as to provide that in the case of .....

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