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of <h1>Amendment to Section 54F: Extended Time for Asset Reinvestment and New Deposit Requirement for Unused Funds.</h1> Section 54F of the Income-tax Act was amended by the Finance Act, 1987, effective from April 1, 1988. The amendments include changes to sub-section (1), which now applies to individuals and Hindu undivided families, and extends the period for certain actions from one year to two years. Sub-section (4) was added, requiring unutilized net consideration from asset transfers to be deposited in a specified account if not used for purchasing or constructing a new asset before filing the income return. Failure to utilize the deposit within the specified period results in the amount being charged as income, with provisions for withdrawal of unutilized funds.
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