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of <h1>Income-tax Act Section 45 Amended: New Rules for Capital Gains on Transfers and Distributions Effective April 1, 1988.</h1> Section 45 of the Income-tax Act has been amended, effective April 1, 1988. The amendment includes the addition of section 54G to sub-section (1). New sub-sections (3), (4), and (5) have been inserted. Sub-section (3) addresses the taxation of profits from transferring a capital asset to a firm or association. Sub-section (4) relates to taxation on the distribution of assets upon dissolution of such entities. Sub-section (5) deals with capital gains from compulsory acquisitions or government-approved transfers, including provisions for enhanced compensation. The amendments apply retrospectively to transfers before April 1, 1988.
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