TaxTMI Login
Just a moment...
By creating an account you can:
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All TMI Notes
of of All TMI Notes
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Finance Bill 2020 amends Section 55: Limits fair market value for capital gains on pre-2001 assets to stamp duty value.</h1> The Finance Bill 2020 proposes amendments to section 55 of the Act concerning the computation of capital gains. For assets acquired before April 1, 2001, taxpayers can choose between the fair market value as of that date or the actual cost for acquisition purposes. The amendment introduces a proviso that limits the fair market value of land or buildings to not exceed the stamp duty value as of April 1, 2001, if available. It defines 'stamp duty value' as the value assessed by government authorities for stamp duty purposes. These changes will be effective from April 1, 2021, applicable to the assessment year 2021-22 onwards.
TaxTMI 
TaxTMI 