TaxTMI 
TaxTMI 
Method of Computation - Section 48
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....f Chapter VIA. [Proviso added by the Finance Act, 2023]. * Deduction from cost of acquisition of a unit of a business trust - The cost of acquisition of a unit of a business trust has to be reduced * by any sum received by a unit holder from the business trust with respect to such unit, which is not in the nature of interest and dividend referred to in section 10(23FC) or rental Income referred to in section 10(23FC) and * which is not chargeable to tax in the hands of unit holders under section 56(2)(x) and in the hands of business trust u/s 115UA(2). * Where transaction of transfer of a unit is not considered as transfer under section 47 and cost of acquisition of such unit is determined under section 49, sum received with respe....
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....ng Term Capital Gain. Exceptions * First Proviso section 48 : Computation of capital gain in case of non-resident who transferred the shares/debentures of an Indian company which were acquired in foreign currency : In the case of an assessee, who is a non-resident, capital gains arising from the transfer of a capital asset being shares in, or debentures of, an Indian company shall be computed by converting - * a) the cost of acquisition, * b) expenditure incurred wholly and exclusively in connection with such transfer and * c) the full value of the consideration received or accruing as a result of the transfer of the capital asset * into the same foreign currency as was initially utilised in the purchase of the shares or debentur....
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....shall not apply to the long-term capital gain arising from the transfer of a long-term capital asset, being a bond or debenture other than- * (a) capital indexed bonds issued by the Government; or * (b) Sovereign Gold Bond issued by the Reserve Bank of India under the Sovereign Gold Bond Scheme, 2015. [ Fourth Proviso to Section 48 ] * In case of depreciable assets, unit of a specified mutual fund and marked linked debenture, there will be no indexation and the capital gain will always be short-term capital gains. * Third Proviso to Section 48 : First and second provisos not to apply in case of long-term capital asset referred to in section 112A : The first and second provisos shall not apply to the capital gains arising from the tr....