Computation of income from the transfer of any investment asset
47. (1) The income from the transfer of any investment asset during the financial year shall be the full value of the consideration accrued or received as a result of the transfer, as reduced by the aggregate amount of the deductions referred to in section
49.
(2) The income from the transfer of each investment asset during the financial year, as computed under sub-section (1), shall be aggregated and the result of such aggregation shall be the 'current income from capital gains', for the financial year.
(3) The 'current income from capital gains' shall be aggregated with the 'unabsorbed preceeding year capital loss', if any, and the result of such aggregation shall be the income under the head 'Capital gains'.
(4) The income under the head 'Capital gains' shall be treated as 'nil' if the result of aggregation under sub-section (3) is negative and the absolute value of the net result shall be the amount of 'unabsorbed current capital loss', for the financial year.
