Extension of capital gains cost basis to professions expands scope by inserting 'or profession' after 'any business'. The amendment inserts the words "or profession" after "any business" in the relevant clauses of sub sections (1) and (2), thereby extending the cost basis ... Summary
Extension of capital gains cost basis to professions expands scope by inserting 'or profession' after 'any business'.
The amendment inserts the words "or profession" after "any business" in the relevant clauses of sub sections (1) and (2), thereby extending the cost basis provisions for capital gains to apply to professions in the same manner as to businesses.
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