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of <h1>Amendment to Income-tax Act Section 55: Cost of Improvement for Business Goodwill Set to Nil, Effective April 1988.</h1> Section 55 of the Income-tax Act was amended by the Finance Act of 1987, effective April 1, 1988. The amendment specifies that the 'cost of any improvement' for a capital asset, specifically the goodwill of a business, is considered nil. For other capital assets, the cost of improvement is defined differently. Additionally, for sections 48 and 49, the 'cost of acquisition' in relation to business goodwill acquired by purchase is the purchase price, otherwise, it is considered nil. These changes clarify the tax treatment of goodwill and other capital assets regarding improvements and acquisitions.
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