Capital asset transfer under gift, will or irrevocable trust clarified as taxable event for individuals and HUFs by amendment. Substitutes clause (iii) to specify that any transfer of a capital asset by an individual or a Hindu undivided family under a gift, by will, or into an irrevocable trust is covered by the clause; the amendment confines tax treatment to transfers effected through testamentary dispositions, inter vivos gifts, and transfers to irrevocable trusts by individuals and HUFs and takes effect from the notified fiscal commencement.