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        F. Acts / Amendment Acts

        Section 34 - Amendment of section 55.

        Finance Act, 2016
        Chapter III
        DIRECT TAXES

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        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.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                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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