Section 48 of the income tax act, 1961, outlines the method for computing capital gains from the sale of capital assets. First proviso to section 48 read with rule 115a. [substituted by act 18 of 1992, section 24, for section 48 (w.e.f.
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Provided that in the case of an assessee, rule 115ba method of conversion and calculation of capital gain accodingly. Proviso 1 to section 4 of the income tax act states that any income arising from the transfer of a capital asset situated in india shall be deemed to accrue or arise in india. It is applicable when an nri purchases a financial asset in a foreign currency or.
It comes into force when an assessee buys a financial asset, for example,.
Prior to substitution, section 48, as amended by the finance act, 1987, w.e.f.
