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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Board Clarifies Instruction No. 360: Rs. 50,000 Capital Gains Rule for Small Assessees Misapplied, Seeks Correct Implementation.</h1> In cases where the assessee cannot provide satisfactory evidence of the cost of acquisition, the sale price up to Rs. 50,000 may be considered as capital for computing capital gains, as per the Board's Instruction No. 360. This approach aims to prevent harassment of small assessees. If evidence shows the cost of acquisition exceeds Rs. 50,000, that amount should replace the Rs. 50,000 figure. The Board has noted instances where Rs. 50,000 was incorrectly deducted from the sale price beyond the acquisition cost, which was not intended. Clarification is requested for officers to ensure correct application.
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