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of <h1>Deductions from asset acquisition costs under Section 51 of Income Tax Act clarified; exceptions per Section 56(2)(ix) outlined.</h1> Under Section 51 of the Income Tax Act 1961, if a capital asset was previously involved in transfer negotiations, any advance or money received and retained from such negotiations must be deducted from the asset's acquisition cost, written down value, or fair market value when calculating the cost of acquisition. However, if the money received during these negotiations was included in the assessee's total income for a prior year per Section 56(2)(ix), it should not be deducted from the acquisition cost, written down value, or fair market value when computing the cost of acquisition.
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