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Rationalization of provisions of section 55 of the Act to compute cost of acquisition.

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..... et and also cost of improvement, if any. However, for computing capital gains in respect of an asset acquired before 1st April, 2001, the assessee has been allowed an option of either to take the fair market value of the asset as on 1st April, 2001 or the actual cost of the asset as cost of acquisition. It is proposed to rationalise the provision and to insert a proviso below sub-clause (ii) of cl .....

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