Amendment of section 2
Section 3 of the Finance Act, 1962 deals with amendment of section 2. 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. The Act was enacted on 22 Jun 1962.
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]
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Section 3, The Finance Act, 1962 (Act 20 of 1962).
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Questions about Section 3
What does Section 3 of the Finance Act deal with?
Section 3 of the Finance Act is headed "Amendment of section 2". 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.
How do I find court cases under Section 3 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 1962 3, section 3 Finance Act 1962, section 3 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 3 of the Finance Act, and has it changed?
Its own text turns on section 2 (Income-tax and super-tax), Income-tax Act 2 (Definitions), so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.
When was Section 3 of the Finance Act enacted?
Section 3 of the Finance Act, cited as Finance Act 1962 3, was enacted on 22 Jun 1962 as Act 20 of 1962. It is in force as at the date shown on this page.
Other sections of this Act
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. 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. This page is not a substitute for legal advice.