TMI BlogMode of computationX X X X Extracts X X X X X X X X Extracts X X X X ..... visions of Chapter VIA. Explanation 1. For the removal of doubt, it is hereby clarified that the cost of acquisition of a unit of a business trust shall be reduced and shall be deemed to have always been reduced by any sum received by a unit holder from the business trust with respect to such unit, which is not in the nature of income as referred to in clause (23FC) or clause (23FCA) of section 10 and which is not chargeable to tax under clause (xii) of sub-section (2) of section 56 and under sub-section (2) of section 115UA. Explanation 2. For the purposes of Explanation 1, it is clarified that where transaction of transfer of a unit is not considered as transfer under section 47 and cost of acquisition of such unit is determined ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in arises from the transfer of a long-term capital asset, other than capital gain arising to a non-resident from the transfer of shares in, or debentures of, an Indian company referred to in the first provi so, the provisions of clause ( ii ) shall have effect as if for the words cost of acquisition and cost of any improvement , the words indexed cost of acquisition and indexed cost of any improvement had respectively been substituted: 11 [ Provided also that nothing contained in the first and second provisos shall apply to the capital gains arising from the transfer of a long-term capital asset being an equity share in a company or a unit of an equity oriented fund or a unit of a business trust referred to in section 112A:] ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7 [Foreign Exchange Management Act, 1999(42 of 1999)]; ( ii ) the conversion of Indian currency into foreign currency and the reconversion of foreign currency into Indian currency shall be at the rate of exchange prescribed in this behalf; ( iii ) indexed cost of acquisition means an amount which bears to the cost of acquisition the same proportion as Cost Inflation Index for the year in which the asset is transferred bears to the Cost Inflation Index for the first year in which the asset was held by the assessee or for the year begin ning on the 10 [ 1st day of April, 2001 ], whichever is later; ( iv ) indexed cost of any improvement means an amount which bears to the cost of improvement the same proportion as Cost Inflati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f average rise in the Consumer Price Index for urban non-manual employees for that year, by notification in the Official Gazette, specify in this behalf.' 6. Substituted vide THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st day of April, 2016 , before it was read as, Consumer Price Index for urban non-manual employees 7. Substituted for Foreign Exchange Regulation Act, 1973 (46 of 1973) vide Finance Act, 2013, w.e.f. 1-4-2013 8. Substituted vide THE FINANCE ACT, 2016 w.e.f. 1st day of April, 2017 before it was read as, 2 [Provided also that nothing contained in the second proviso shall apply to the long-term c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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