Short-term capital asset definition expanded to include prior holding period of units in a consolidating mutual fund plan.
The amendment expands the definition of short-term capital asset by providing that where units become the assessee's property in consideration of a specified transfer, the period for which those units were held by the assessee in the consolidating mutual fund plan shall be included in computing the holding period for determining short-term or long-term status.

Short-term capital asset definition extended to include preference share holding period when converted into equity shares.
Amendment expands the definition of short-term capital asset so that equity shares received as consideration in a specified transfer include the period during which the assessee held the preference shares, thereby aggregating the preference shares' holding period with that of the equity shares for classification purposes.

Holding period for immovable property shortened to qualify as short-term capital asset, changing capital gains classification.
Amendment shortens the holding-period threshold for classifying immovable property as a short-term capital asset, revising the third proviso to the definition so that land or building held for less than the newly prescribed period will be treated as short-term, thereby altering the application of the holding-period rule for capital gains treatment.