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of <h1>Finance Act, 1973 amends Income-tax Act: Section 2 changes short-term capital asset definition from 24 to 60 months.</h1> The Finance Act, 1973, amends Section 2 of the Income-tax Act. In clause (37A), sub-clause (ii), it adds '194D' after '194B.' In clause (42A), it revises the definition of 'short-term capital asset.' Previously, a short-term capital asset was defined as one held for not more than twenty-four months before transfer. The amendment changes this to assets held for not more than sixty months preceding the transfer date, effective from April 1, 1974.
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