Amendment of Section 54

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.... (i) after the words "for the purposes of his own or the parents own residence", the brackets and words "(hereafter in this section referred to as the original asset)" shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1974; (ii) in clause (i), for the words "is greater than the cost of the new asset", the words and brackets "is greater th....

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....or accruing as a result of such transfer, as is not excluded under sub-section (1) from being charged to tax under section 45, or (b) the capital gain attributable to the enhancement of the compensation, whichever is less (that which is being hereafter in this sub-section referred to as the unadjusted capital gain, shall, if the assessee has within a period of one year before or ....

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....case may be, the cost shall be nil; or (ii) if the amount of the unadjusted capital gain is equal to or less than the cost of the relevant asset, the unadjusted capital gain shall not be charged u/s. 45; and for the purpose of computing in respect of the relevant asset any capital gain arising form its transfer within a period of three years of its purchase or construction as the case may....

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.... 48 by taking the compensation which would have been payable if such enhancement had not been made as the full value of the consideration received or accruing as a result of the transfer results in a loss or does not result in any profits or gains chargeable to income-tax under the head "Capital gains", the capital gain computed u/s. 48 by taking the compensation as so enhanced as the full value o....