Change in base year for Cost of Improvement & Cost of Acquisition :
CLAUSE(S) OF FINANCE BILL, 2017 |
PARTICUL ARS OF AMENDME NTS | SECTION | AMENDMENT / NEWLY INSERTED |
APPLICABLE W.E.F. |
BRIEF OF AMENDMENT |
24 | Change in base year for Cost of Improvement & Cost of Acquisition |
55(1)(b)(2) 55(2)(b) |
Amendment | 1/4/2018 | As the base year for computation of capital gains has become more than three decades old, assessees are facing genuine difficulties in computing the capital gains in respect of a capital asset, especially immovable property acquired before 01.04.1981due to nonavailability of relevant information for computation of fair market value of such asset as on 01.04.1981. therefore base year for the calculation of Cost of Acquisition and Cost of Improvement is changed to 01/04/2001. (Author’s Note:- This move of government is much |