Long-term capital gain treatment extended to Hindu undivided family and clarified by specified computation method under section 48.

The provision is amended to include Hindu undivided family as an eligible assessee and to substitute the phrase "long-term capital asset" for the previous reference to capital asset (other than a short-term capital asset); an Explanation is added specifying that references to capital gain in this and related sections mean the amount of capital gain as computed under clause (a) of sub-section (1) of section 48.

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