Section 55 of ITA, 1961 : Section 55: Meaning Of Adjusted, Cost Of Improvement And Cost Of Acquisition
ITA, 1961
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Explanation using Example
Imagine Mr. Sharma sold a residential property on June 15, 2023, which he inherited from his father. The property was originally purchased by his father on March 20, 1980. For calculating the capital gains tax on the sale, Mr. Sharma needs to determine the 'cost of acquisition' and the 'cost of improvement' according to the Income-tax Act, 1961.
Since the property was acquired before April 1, 2001, Mr. Sharma has the op...
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