TMI BlogSection 55 - Cost of Acquisition & ImprovementX X X X Extracts X X X X X X X X Extracts X X X X ..... article or thing Right to carry on any business or profession or any other right [Inserted vide Amendment as per FA, 2023 ] In relation to other capital assets Where the capital asset is acquired by the assessee or the previous owner before 1.4.2001 means all expenditure of capital nature on improvement by the assessee and the previous owner COST OF ACQUISITION for the purpose of Section 48 or 49 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3 w.e.f 01 st April 2024] purchased from previous owner shall be the Purchase price and in any other case shall be Nil. Note 1: Cost of acquisition of self-generated assets other than those mentioned in Section 55, is indeterminate. Therefore no capital gains shall arise e.g. on sale of spontaneously grown trees, goodwill of profession etc. Note 2: The option to take cost of acquisition as FMV as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ket value of such assets; and (ii) the full value of consideration received or accruing as a result of the transfer of the capital asset (C) In relation to other capital assets 1. Where the capital asset is acquired by the assessee or the previous owner before 1.4.2001 Cost of acquisition to the assessee or the previous owner, or FMV as on 1.4.2001 Whichever is higher 2. Where the capital asset is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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