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of <h1>Capital Gains Tax: Comprehensive Guide to Calculating Acquisition and Improvement Costs for Diverse Asset Types Under Section 55</h1> Section 55 of the Income Tax Act, 1961 defines key terms related to capital gains taxation. It provides detailed provisions for calculating the 'cost of improvement' and 'cost of acquisition' for various types of capital assets, including intangible assets, shares, and securities. The section outlines different valuation methods based on the asset type, acquisition date, and specific circumstances, offering taxpayers options for determining the base cost for capital gains calculations.
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