- In section 2 of the Income-tax Act,-(I)in clause (24), after sub-clause (xvii), the following sub-clause shall be inserted, namely: -"(xviia) any sum of money or value of property referred to in clause (x) of sub-section (2) of section 56;";(II)in clause (42A), -(a)in the third proviso [as inserted by section 3 of the Finance Act, 2016], after the words and brackets "a company (not being a share listed in a recognised stock exchange in India)", the words "or an immovable property, being land or building or both," shall be inserted with effect from the 1st day of April, 2018;(b)in Explanation 1, in clause (i),-(A)after sub-clause (he), the following sub-clause shall be inserted with effect from the 1st day of April, 2018, namely:-"(hf) in the case of a capital asset, being equity shares in a company, which becomes the property of the assessee in consideration of a transfer referred to in clause (xb) of section 47, there shall be included the period for which the preference shares were held by the assessee;";(B)after sub-clause (hf) as so inserted, the following sub-clause shall be inserted, namely:-"(hg) in the case of a capital asset, being a unit or units, which becomes the property of the assessee in consideration of a transfer referred to in clause (xix) of section 47, there shall be included the period for which the unit or units in the consolidating plan of a mutual fund scheme were held by the assessee;".
