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of <h1>Amendment to Section 54 of Income-tax Act: Includes Hindu undivided families, mandates capital gains deposit before return filing.</h1> Section 54 of the Income-tax Act is amended effective April 1, 1988. The amendment modifies sub-section (1) to include Hindu undivided families alongside individuals, subject to sub-section (2). Sub-section (2) is replaced to require unutilized capital gains from asset transfers to be deposited in a specified bank account before filing the income return. This deposit must be made by the due date for return filing and accompanied by proof. If the deposited amount is not used for a new asset within three years, it becomes taxable. The amendment also affects deductions under section 48 and applicability of section 53.
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