Law Notes, Taxation Law
COMPUTATION OF CAPITAL GAINS UNDER SECTION 48 OF THE INCOME TAX ACT, 1961: A DETAILED LEGAL ANALYSIS
Section 45 of the Income Tax Act, 1961 provides the charging provision for capital gains, while Section 48 outlines the manner in which such gains are to be computed. The legislative scheme under these provisions serves to tax the economic appreciation in the value of capital assets upon their transfer.
