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of <h1>Section 50B: Understanding Capital Gains Taxation from Slump Sales and Net Worth Calculation Requirements</h1> Section 50B, introduced by the Finance Act, 1999, effective April 1, 2000, addresses the computation of capital gains from slump sales under the Income-tax Act. Profits from such sales are taxable as capital gains from the transfer of long-term capital assets unless held for less than 36 months, in which case they are short-term. The 'net worth' of the transferred undertaking or division is considered the acquisition and improvement cost. Assessees must submit a prescribed accountant's report with their tax return, verifying the net worth calculation per this section. 'Net worth' is defined as per the Sick Industrial Companies Act, 1985.
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