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of <h1>Income-tax Act Section 53 amended: Includes Hindu undivided families, defines long-term capital assets, clarifies capital gain references.</h1> Section 53 of the Income-tax Act is amended, effective April 1, 1988, to include Hindu undivided families alongside individuals. The term 'capital asset (other than a short-term capital asset)' is replaced with 'long-term capital asset.' An explanation is added clarifying that references to capital gain in this section and sections 54, 54B, 54D, 54E, 54F, and 54G should be interpreted as the amount of capital gain computed under clause (a) of subsection (1) of section 48.
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