The fair market value of the asset as on 1st June, 2016 [which has been taken into account for the purpose of said declaration Scheme, 2016] shall be deemed as cost of acquisition of the asset. [This provision is applicable w.e.f. 1-4-2017]
Articles in this section
- What is the meaning of stamp duty value and what is its relevance while computing capital gain in case of transfer of capital asset, being land or building or both?
- Are there any bonds in which I can invest my capital gains to claim tax relief?
- Is there any benefit available in respect of reinvestment of capital gain in any other capital asset?
- At what rates capital gains are charged to tax?
- Are any capital gains exempt under section 10?
- I have sold a house which had been purchased by me 5 years ago. Am I required to pay any tax on the profit earned by me on account of such sale?
- What are the provisions relating to computation of capital gain in case of transfer of asset by way of gift, will, etc.?
- As per the Income-tax Law, gain arising on transfer of capital asset is charged to tax under the head “Capital gains”. What constitutes ‘transfer’ as per Income-tax Law?
- If any undisclosed income [in the form of investment in capital asset] is declared under Income Declaration Scheme, 2016, then what should be the cost of acquisition of such capital asset?
- In respect of capital asset acquired before 1st April, 2001 is there any special method to compute cost of acquisition?