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of <h1>Revised Section 48: Capital Gains Calculation Updated for Asset Transfers, Including Indexed Costs and Foreign Currency Rules.</h1> Section 48 of the Income-tax Act was revised effective April 1, 1993, to detail the computation of capital gains. The calculation involves deducting expenses related to the asset's transfer and its acquisition or improvement costs from the full value received. For non-residents, gains from shares or debentures of Indian companies are computed in the original foreign currency used for purchase and then reconverted to Indian currency. For long-term assets, the 'indexed cost of acquisition' and 'indexed cost of improvement' replace the original costs, adjusted using the Cost Inflation Index as specified by the government.
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