TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Section 48 Amended: Excludes Interest Deductions from Asset Cost; Affects Unit Holders from April 2024.</h1> Section 48 of the Income-tax Act has been amended to exclude certain deductions from the cost of acquisition or improvement of an asset. Effective April 1, 2024, deductions claimed under section 24(b) or Chapter VIA for interest amounts will not be included in the asset's cost. Additionally, any non-taxable sums received by a unit holder from a business trust, not considered income under specified clauses, will reduce the unit's acquisition cost. This applies even if the transfer is not recognized as such under section 47, with adjustments made both before and after the transaction.
TaxTMI 
TaxTMI 
