Capital Gains - meaning of "adjusted", "cost of improvement" and "cost of acquisition" u/s 55 - reference of 1st day of April, 1981 to be replaced with the 1st day of April, 2001 - Budget 2017-18 w.e.f. AY 2018-19

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..... 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 existing provisions of the said section, the cost of long-term capital asset acquired before the 1st day of April, 1981 is taken to be the cost of acquisition to the assessee or the fair market value of the asset on that date, .....

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