Relief for rollover of investment asset.
54. (1) The cost of improvement of an investment asset shall be any expenditure of a capital nature incurred in making any additions or alterations to the asset,
(a) by the person; or
(b) by the previous owner, if the asset is acquired by any special mode of acquisition.
(2) The cost of improvement of the investment asset, notwithstanding anything in sub-section (1), where the asset became the property of the person or the previous owner before the 1st day of April, 2000, shall be any capital expenditure incurred for any addition or alteration to such asset on or after the 1st day of April, 2000.
(3) The cost of improvement of an investment asset shall, notwithstanding anything in sub-section (1), be "nil" in relation to
(a) an investment asset which is self generated;
(b) an investment asset being an undertaking or division transferred by way of a slump sale referred to in sub-clause (l) of clause (267) of section 314; or
(c) any investment asset if the cost of improvement cannot be determined or ascertained, for any reason.
(4) Any expenditure deductible in computing the income under any other head of income shall not be taken into account while computing the cost of improvement.
