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of <h1>Amendment to Income-tax Act Section 2: Updates on Capital Assets, Shareholding, and Property Transactions Effective April 1988.</h1> The amendment to section 2 of the Income-tax Act, effective April 1, 1988, revises definitions and provisions related to direct taxes. It modifies the definition of loans to shareholders with substantial interests, introduces definitions for long-term and short-term capital assets and gains, and clarifies the meaning of a public sector company. It also specifies that shares held in a company are considered long-term after twelve months instead of thirty-six. Additionally, it includes provisions for transactions involving the possession or transfer of immovable property, aligning with section 53A of the Transfer of Property Act, 1882.
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