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of <h1>Finance Bill 2021 amends Income-tax Act: Sets acquisition cost for goodwill, trademarks, business rights; affects AY 2021-22 onward.</h1> Clause 20 of the Finance Bill, 2021, amends section 55 of the Income-tax Act concerning the 'cost of acquisition' of certain capital assets, including goodwill, trademarks, and business rights. The amendment specifies that if such assets are acquired by purchase, the cost is the purchase price. If acquired by other means, the cost is considered nil. Additionally, for goodwill where depreciation was claimed before April 1, 2021, the cost is the purchase price minus the depreciation claimed. These changes apply from April 1, 2021, affecting assessment year 2021-2022 and subsequent years.
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