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of <h1>New Income Tax Bill Clause 77 Refines Capital Gains Computation in Slump Sales, Aligns with Section 50B, Requires Fair Market Valuations.</h1> Clause 77 of the Income Tax Bill, 2025, introduces provisions for computing capital gains in slump sales, aligning with Section 50B of the Income Tax Act, 1961. It categorizes gains as long-term or short-term based on asset holding periods, ensuring consistency with capital gains taxation principles. Both provisions determine net worth by subtracting liabilities from total assets, ignoring revaluation changes, and require fair market value assessments. Reporting by an accountant is mandated for accuracy. While similar, Clause 77 offers refinements reflecting updated accounting practices, ensuring clarity and consistency in tax liabilities for slump sales.
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