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of <h1>Section 55 Amendment: Base Year for Capital Gains Tax Updated from 1954 to 1964, Effective April 1, 1978.</h1> Section 55 of the Income-tax Act is amended to replace the date '1st day of January, 1954' with '1st day of January, 1964.' This change is effective from April 1, 1978, as per the Finance (No. 2) Act, 1977, impacting the computation of capital gains for tax purposes by updating the base year for asset valuation.
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