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of <h1>Finance Bill 2017 amends Income-tax Act: Shifts cost base date for long-term assets from 1981 to 2001. Effective 2018.</h1> Clause 28 of the Finance Bill, 2017 proposes amendments to section 55 of the Income-tax Act, altering the reference date for determining 'cost of acquisition' and 'cost of improvement' for long-term capital assets. Previously, assets acquired before April 1, 1981, used that date for valuation. The amendment shifts this reference to April 1, 2001. For assets acquired before this new date, the cost of acquisition will be based on the asset's value as of April 1, 2001, and improvements will be considered post this date. These changes are effective from April 1, 2018, applicable from the assessment year 2018-2019 onwards.
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