(2)Where the ] [specified securities] [ Substituted by Act 14 of 1997, Section 2, for certain words (w.e.f. 1.10.1996).][are transferred or converted (otherwise than by transfer) into money at any time within a period of three years from the date of their acquisition, the amount of capital gain arising from the transfer of the original asset not charged under section 45 on the basis of the cost of such ] [Inserted by Act 33 of 1996, Section 20 (w.e.f. 1.10.1996).] [specified securities] [Substituted by Act 14 of 1997, Section 2, for certain words (w.e.f. 1.10.1996).] [as provided in clause (a) or clause (b) of sub-section (1) shall be deemed to be the income chargeable under the head "Capital gains" relating to long-term capital assets of the previous year in which the ] [Inserted by Act 33 of 1996, Section 20 (w.e.f. 1.10.1996).][specified securities] [Substituted by Act 14 of 1997, Section 2, for certain words (w.e.f. 1.10.1996).][are transferred or converted (otherwise than by transfer) into money.Explanation. - In a case where the original asset is transferred and the assessee invests the whole or any part of the net consideration in respect of the original asset in any ] [Inserted by Act 33 of 1996, Section 20 (w.e.f. 1.10.1996).] [specified securities] [ Substituted by Act 14 of 1997, Section 2, for certain words (w.e.f. 1.10.1996).][and such assessee takes any loan or advance on the security of such ] [Inserted by Act 33 of 1996, Section 20 (w.e.f. 1.10.1996).] [specified securities] [Substituted by Act 14 of 1997, Section 2, for certain words (w.e.f. 1.10.1996).][, he shall be deemed to have converted (otherwise than by transfer) such ] [Inserted by Act 33 of 1996, Section 20 (w.e.f. 1.10.1996).][specified securities] [Substituted by Act 14 of 1997, Section 2, for certain words (w.e.f. 1.10.1996).][into money on the date on which such loan or advance is taken.
