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of <h1>New Rules for Calculating Business Asset Costs for Tax: Includes Gifts, Inheritance, and Non-Resident Adjustments</h1> The statutory provision outlines the method for calculating the actual cost of a business capital asset for tax purposes. The formula considers the asset's cost, interest on borrowed capital, duties, and subsidies. Special rules apply for assets acquired through gifts, inheritance, or corporate restructuring, where the deemed written down value is used. In sale and buy-back transactions, the lower of the reacquisition price or deemed written down value is considered. For non-residents bringing assets to India, the cost is adjusted for depreciation. If deductions are allowed under specific Schedules, the asset's cost is treated as nil. The Board may prescribe additional costs and methods for determining actual costs.
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