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of <h1>Amendment to Income-tax Act Section 280ZA: Capital gains rules for business asset transfers in urban areas revised.</h1> Section 280ZA of the Income-tax Act is amended effective April 1, 1984. In sub-section (2), the amendment specifies that capital gains from transferring assets like machinery, plant, buildings, or land used for business in urban areas, due to shifting an industrial undertaking, are addressed. The amendment includes expenditures on new machinery, land acquisition, or building construction in the new area. Sub-section (4) is revised to state that if such assets are transferred within five years of purchase or construction, specific conditions apply.
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