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Amendment of section 55.

Clause 28 - Bills - DIRECT TAXES - Income-tax - Bill - Clause 28 - 28. In section 55 of the Income-tax Act, with effect from the 1st day of April, 2018,- (A) in sub-section (1), in clause (b), in sub-clause (2), in item (i), for the figures, letters .....

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and words 1st day of April, 2001 shall be substituted. Clause 28 of the Bill seeks to amend section 55 of the Income-tax Act relating to meaning of "adjusted", "cost of improvement" and "cost of acquisition". Under the e .....

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essee. The cost of improvement is also taken into account after the assessee has acquired the asset on or after 1st April, 1981. It is proposed to amend the said section so as to advance the aforesaid cut-off date to 1st day of April, 2001. Where the .....

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