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of <h1>Section 43 of Income Tax Act: Key Terms for Calculating 'Actual Cost' of Assets Explained, Including Special Acquisition Scenarios</h1> Section 43 of the Income Tax Act defines key terms related to the calculation of actual cost for tax purposes. 'Actual cost' refers to the cost of an asset to the taxpayer, adjusted for any portion covered by another party. Specific rules apply for different acquisition scenarios, such as assets acquired through gifts, inheritance, or conversion from stock. The term 'paid' is defined as amounts actually paid or incurred based on the taxpayer's accounting method. 'Plant' includes items like ships and vehicles used in business but excludes buildings, furniture, and livestock. Various conditions and exceptions are detailed for determining the actual cost in special cases.
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