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of <h1>Finance Act, 1992 amends Section 54E: New rules for capital gains and investment timing in long-term assets.</h1> Section 54E of the Income-tax Act is amended by the Finance Act, 1992. In sub-section (1), the phrase 'before the 1st day of April, 1992' is added after 'long-term capital asset,' and the phrase 'or the 31st day of March, 1992, whichever is earlier' is added at the end of the second proviso. A new sub-section (1C) is introduced, specifying that if capital gains arise from the transfer of an original asset after March 31, 1992, and the assessee received an advance by February 29, 1992, and invested it in a new asset by a later date, the provisions of sub-section (1) apply to such investments.
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