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of <h1>Finance Bill 2012 Amends Section 54B to Extend Capital Gains Tax Exemption to Hindu Undivided Families</h1> Clause 18 of the Finance Bill, 2012 proposes an amendment to section 54B of the Income-tax Act, which concerns capital gains from the transfer of agricultural land. The amendment modifies sub-section (1) to extend the exemption benefit to Hindu undivided families (HUFs), in addition to individuals and their parents. This change allows HUFs to be exempt from capital gains tax if they reinvest in agricultural land within two years of the sale. The amendment is effective from April 1, 2013, applicable to the assessment year 2013-2014 and subsequent years.
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