Cost of acquisition rule amended: historical-year references updated and fair market value option removed, effective on commencement. Amendment to the Income-tax Act revises section 55 by substituting an earlier reference year with a later year in specified sub-clauses and replacing that ... Summary
Cost of acquisition rule amended: historical-year references updated and fair market value option removed, effective on commencement.
Amendment to the Income-tax Act revises section 55 by substituting an earlier reference year with a later year in specified sub-clauses and replacing that year wherever it occurs in a related clause; it also removes the provision allowing an assessee to elect to treat the asset's fair market value on the date as the cost of acquisition.
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