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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Amendment to Section 55: New Clause on Long-term Capital Assets Affects Cost of Acquisition for Equity Shares and Funds</h1> Section 55 of the Income-tax Act has been amended to include a new clause regarding long-term capital assets, specifically equity shares, units of equity-oriented funds, or units of business trusts acquired before February 1, 2018. The amendment stipulates that the cost of acquisition for such assets will be the higher of the original acquisition cost or the lower of the fair market value as of January 31, 2018, and the full value of consideration received upon transfer. The fair market value is defined based on whether the asset was listed on a recognized stock exchange as of January 31, 2018, or not.
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