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TMI BlogMode of computation of capital gains.X X X X Extracts X X X X X X X X Extracts X X X X ..... lly and exclusively in connection with such transfer; and (b) the cost of acquisition of the asset and the cost of any improvement thereto. (2) In cases, as prescribed, the provisions of sub-section (1) shall have effect as if for the words "cost of acquisition" and "cost of any improvement", the words "indexed cost of acquisition" and "indexed cost of any improvement" had respectively been sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned under section 73, the amount received with respect to such unit before as well as after such transaction, shall be reduced from the cost of acquisition. (5) In case of value of any money or capital asset received by a specified person from a specified entity, as referred to in section 67(10), the specified entity is entitled to a deduction calculated in such manner, as prescribed for computin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nto Indian currency, so, however, that the said manner of computation of capital gains shall be applicable in respect of capital gains accruing or arising from every reinvestment thereafter in, and sale of, shares in, or debentures of, an Indian company. (7) In the case of an assessee who is a non-resident, any gains arising on account of appreciation of rupee against a foreign currency at the ti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , 2001, whichever is later; and
(c) "indexed cost of any improvement" means an amount which bears to the cost of improvement, the same proportion as Cost Inflation Index for the year in which the asset is transferred bears to the Cost Inflation Index for the year in which the improvement to the asset took place.
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Clause 72 of the Bill provides for mode of computation of capital gains. X X X X Extracts X X X X X X X X Extracts X X X X
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