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of <h1>Finance Act 1978 Amends Section 54E on Capital Gains Tax Exemptions; New Rules for Reinvestment and Loan Conditions.</h1> The Finance Act, 1978 amends Section 54E of the Income-tax Act, focusing on capital gains tax exemptions. It introduces provisions for investments in equity shares and deposits made after specified dates. New clauses define 'eligible issue of capital' and conditions for tax exemptions on capital gains. The amendments specify that capital gains from compulsory acquisitions or government-approved transfers can be exempt if reinvested within six months. Conditions include not taking loans against deposits for three years. If assets are transferred within three years, gains become taxable. Deductions under Section 80CC are not allowed for certain equity share costs considered in these provisions.
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