Clause 18 - Amendment of section 50. - Finance Bill, 2021

Amendment of section 50. 18. In section 50 of the Income-tax Act, in clause (2), the following proviso shall be inserted, namely: Provided that in a case where goodwill of a business or profession forms part of a block of asset for the assessment year beginning on the 1st day of April, 2020 and depreciation thereon has been obtained by the assessee under the Act, the written down value of that block of asset and short term capital gain, if any, shall be determined in such manner as may be prescribed. .