# The Finance Act, 1987, Section 18: Amendment of section 53

- Act: The Finance Act, 1987 (Act 11 of 1987)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1987/section/18/

## Text

Amendment of section 53. 18. In section 53 of the Income-tax Act, with effect from the 1st day of April, 1988,— (a) in the opening paragraph,— (i) after the words "assessee being an individual", the words "or a. Hindu undivided family" shall be inserted; (ii) for the words and brackets "capital asset (other than a short-term capital asset)", the words "long-term capital asset" shall be substituted; (b) the following Explanation shall be added at the end, namely:— "Explanation.—In this section and in, sections 54, 54B, 54D, 54E, 54F and 54G, references to capital gain shall be construed as references to the amount of capital gain as computed under clause (a) of sub-section (1) of section 48.". [Finance Act, 1987] © Copyright. Taxmann Publications Pvt. Ltd.

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