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of <h1>Finance Bill 2017 amends Income-tax Act section 55, changing cost basis date to April 1, 2001, for capital gains.</h1> Clause 28 of the Finance Bill, 2017 amends section 55 of the Income-tax Act, changing the reference date for calculating the cost of acquisition and improvement of long-term capital assets from April 1, 1981, to April 1, 2001. This adjustment affects how taxpayers determine the cost basis for assets acquired before April 1, 2001, using the asset's value as of that date. These changes are effective from April 1, 2018, and apply to the assessment year 2018-2019 and onward, impacting the calculation of capital gains tax.
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