Cost of acquisition for intangible assets now defined as purchase price or nil, with depreciation adjustment for goodwill.

Amendment defines the cost of acquisition for specified intangible assets - including goodwill, trade marks, rights and permits - as the purchase price when acquired by the assessee by purchase, or as the previous owner's purchase price where applicable under section 49(1)(i)-(iv); otherwise the cost is nil. For goodwill where depreciation under section 32(1) was claimed before the relevant assessment year commencing on or after 1 April 2021, the purchase-price basis applies subject to reducing the purchase price by the total depreciation previously claimed.

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