Capital Gains - meaning of "adjusted", "cost of improvement" and "cost of acquisition" u/s 55 - reference of 1st day of April, 1981 to be replaced with the 1st day of April, 2001 - Budget 2017-18 w.e.f. AY 2018-19
3 February, 2017
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Cost of acquisition rules: cutoff date advanced, altering use of prior fair market value for long-term capital assets. Amendment to section 55 advances the statutory cut-off date used to compute cost of acquisition and cost of improvement for long-term capital assets: ... Summary
Cost of acquisition rules: cutoff date advanced, altering use of prior fair market value for long-term capital assets.
Amendment to section 55 advances the statutory cut-off date used to compute cost of acquisition and cost of improvement for long-term capital assets: where an asset was acquired before the new cut-off date, its cost of acquisition is to be treated as the asset's value on that cut-off date and cost of improvement is recognised only if incurred after that date, with fair market value at the cut-off date available as the basis. The amendment is effective from 1st April, 2018 and applies to the assessment year 2018-2019 onwards.
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