Deduction for cost of acquisition etc.

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.... if any, of the asset;            (ii) the cost of improvement, if any, of the asset; and            (iii) the amount of expenditure, if any, incurred wholly and exclusively in connection with the transfer of the asset.       (2) In the case of transfer of an invest....

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....      (b) where the asset is held for a period of one year or less,            (i) if the income computed after giving effect to sub-section (1) is a positive income, a deduction amounting to fifty per cent. of the income so arrived at shall be allowed;            (ii)....