# The Finance Act, 1987, Section 22: Amendment of section 54E

- Act: The Finance Act, 1987 (Act 11 of 1987)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1987/section/22/

## Text

Amendment of section 54E 22. In section 54E of the Income-tax Act, with effect from the 1st day of April, 1988,— (a) in sub-section (1); for the words "capital asset, not being a short-term capital asset", the words "long-term capital asset' shall be substituted; (b) in sub-section (2), for the words "capital assets other than short-term capital assets", the Words "long-term capital assets" shall be substituted; (c) sub-sections (3), (4) and (5) shall be omitted; (d) sub-section (6) shall be renumbered as sub-section (3), and in that sub-section as so renumbered, the words, brackets, letters and figure "or clause (a) or clause (b) of sub-section (3)'' shall be omitted. [Finance Act, 1987] © Copyright. Taxmann Publications Pvt. Ltd.

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