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Indian Finance Bill 2023: Could proposed amendment to Sec. 55 give rise to taxable capital gains in case of all transactions in capital field?

February 3 2023

Open Access Video

The Indian Finance Bill, 2023 has proposed amendment to Sec. 55(2)(a) of the Income Tax Act, 1961 ("the Act") for expanding the meaning of the expression 'cost of acquisition' for the purposes of Sec. 48 and Sec. 49 of the Act. This video deals with the relevant aspects, and with the following three questions:

  1. Assuming that the proposal is implemented, would it have far-reaching implications?
  2. Would the amendment to Sec. 55(2)(a) of the Act end the litigation on the issue concerning 'cost of acquisition'?
  3. Would the proposed amendment equip Sec. 55(2)(a) to catch all kinds of transactions in the capital field?

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