{"act":{"id":"finance-act-1962","short_title":"The Finance Act, 1962","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 1962-1963.","act_number":"20","act_year":1962,"enact_date":"1962-06-22","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":16,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-1962/"},"unit":"section","section":{"number":"3","heading":"Amendment of section 2","text":"Amendment of section 2 3. In section 2 of the Income-tax Act, after clause (42), the following clause shall be inserted, namely: - \" (42A) ‘short-term capital asset‘ means a capital asset held by an assessee for not more than twelve months immediately preceding the date of its transfer. Explanation.- (i) In determining the period for which any capital asset is held by the assessee- (a) in the case of a share held in a company in liquida tion, there shall be excluded the period subsequent to the date on which the company goes into liquidation; (b) in the case of a capital asset which becomes the property of the assessee in the circumstances mentioned in clauses (i) to (iii) of section 49, there shall be included the period for which the asset was held by the previous owner referred to in the said section. (ii) In respect of capital assets other than those mentioned in clause (i), the period for which any capital asset is held by the assessee shall be determined subject to any rules which the Board may make in this behalf.\" [Finance (No. 2) Act, 1962] © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><strong>Amendment of section 2</strong></p><p><strong>3.</strong> In section 2 of the Income-tax Act, after clause (42), the following clause shall be inserted, namely: -</p><p>\" (<i>42A</i>) ‘short-term capital asset‘ means a capital asset held by an assessee for not more than twelve months immediately preceding the date of its transfer.</p><p><i>Explanation.- </i>(<i>i</i>) In determining the period for which any capital asset is held by the assessee-</p><p>(<i>a</i>) in the case of a share held in a company in liquida tion, there shall be excluded the period subsequent to the date on which the company goes into liquidation;</p><p>(<i>b</i>) in the case of a capital asset which becomes the property of the assessee in the circumstances mentioned in clauses (<i>i</i>) to (<i>iii</i>) of section 49, there shall be included the period for which the asset was held by the previous owner referred to in the said section.</p><p>(<i>ii</i>) In respect of capital assets other than those mentioned in clause (<i>i</i>), the period for which any capital asset is held by the assessee shall be determined subject to any rules which the Board may make in this behalf.\"</p><p>[Finance (No. 2) Act, 1962]</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":196,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-1962/section/3/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}