In section 53 of the Income-tax Act, with effect from the 1st day of April, 1988, -
(a) in the opening paragraph, -
(i) after the words "assessee being an individual", the words "or a Hindu undivided family" shall be inserted;
(ii) for the words and brackets "capital asset (other than a short-term capital asset)", the words "long-term capital asset" shall be substituted;
(b) the following Explanation shall be added at the end, namely :-
"Explanation : In this section and in sections, 54, 54B, 54D, 54E, 54F and 54G, references to capital gain shall be construed as references to the amount of capital gain as computed under clause (a) of sub-section (1) of section 48.".