Lesson 4 n Part IV – Income from Capital Gains 225

Lesson 4
Part IV – Income from Capital Gains

LESSON OUTLINE
LEARNING OBJECTIVES
– Capital Gains The provisions for computation of Income from
– Capital Asset [Section 2(14)] capital gains are covered under sections 45 to 55
of the Income Tax Act, 1961. Section 2(14) defines
– Short Term & Long Term Assets
the term capital gain and section 45, the charging
– Transfer [Section 2(47)] section lays down basis of charge for taxability of
capital gain/loss arises on transfer of capital asset.
– Mode of Computation
Taxability of capital gain depends upon the nature
– Ascertainment of Cost in Specified
of capital gain i.e., short term capital gain or long
Circumstances [Section 49]
term capital gain. The type of capital gain depends
– Advanced Money Received [Section 51] upon the period for which the capital asset is
– Exemption from Capital Gain Tax held. The taxability of capital gain shall satisfy the
conditions like there should be capital asset, the
– Tax Rates asset is transferred by the assessee, such transfer
– Case Law takes place during the previous year, etc. To give
relief to the assessee, the concept of exemption
– LESSON ROUND UP introduced under section 54, 54B, 54D, 54EC,
– SELF TEST QUESTION 54EE, 54F, 54G, 54GA, 54GB and 54H.
At the end of this lesson, you will learn
– the conditions to be satisfied for income to
be chargeable under this head,
– which assets are classified as capital
asset,
– the year in which the capital gains are
chargeable to tax,
– classification of capital gain into long term
and short term,
– which transactions are not regarded as
transfer,
– what are the exemptions available in
respect of capital gains,
– when can the assessing officer make a
reference to the valuation officer.

225
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CAPITAL GAINS

Proforma for Computation of Income under the head “Capital Gains”

Particulars Short Term Capital Long Term Capital Gain

Gain

Amt. (Rs.) Amt. Amt. (Rs.) Amt.

(Rs.) (Rs.)

Full value of consideration received or Xxxx xxx

accruing as a result of transfer

Less: Expenditure incurred wholly and

exclusively in connection with such
transfer (for e.g., brokerage on sale)

(Note: Deduction on account of STT Xxxx

paid will not be allowed) xxx

Net Sale Consideration Xxx xxx

Less: Cost of Xxx Indexed Cost of acquisition xxx

acquisition
Indexed Cost of improvement xxx
Less: Cost of xxx
improvement

Short Term Xxx Long Term Capital Gain xxx

Capital Gain
Exemption under sections xxx
Exemption 54/ 54B/ 54D/ 54EC/
Xxx
under sections 54EE/54F
54B/54D

Short-term Capital Gain (STCG) xxx Long-term Capital Gains xxx

(LTCG)

Sections 45 to 55A of the Income-tax Act, 1961 deal with capital gains.

Section 45 of the Act, provides that any profits or gains arising from the transfer of a capital asset effected in
the previous year shall, save as otherwise provided in various sections of Sec. 54, be chargeable to income-tax
under the head “Capital Gains” and shall be deemed to be the income of the previous year in which the transfer
took place.

Doubts may arise as to whether “Capital Gains” being a capital receipt can be brought to tax as income. It
may be noted that the ordinary accounting canons of distinctions between a capital receipt and a revenue
receipt are not always followed under the Income-tax Act. Section 2(24)(vi) of the Income-tax Act specifically
provides that “Income” includes “any capital gains chargeable under Section 45(1)”. It may not be out of
place to mention here that in the absence of a specific provision in Section 2(24) capital gains have no
logic to be taxed as income. The constitutional validity of the provisions of the Act relating to capital gains
was challenged in Navin Chandra Mafatlal v. C.I.T. (1955) 27 ITR 245. The Supreme Court while upholding
 Lesson 4 n Part IV – Income from Capital Gains 227

the competence of parliament in legislating with regard to capital gains as part of income, observed that
the term income should be given the widest connotation so as to include capital gains within its scope.
However, all capital profits do not necessarily constitute capital gains. For instance, profits on re-issue of
forfeited shares, profits on redemption of debentures, premium on issue of shares, are capital profits and
not capital gains, hence, not liable to tax.

The requisites of a charge to income-tax, of capital gains under Section 45(1) are:

(i) There must be a capital asset.

(ii) The capital asset must have been transferred.

(iii) The transfer must have been effected in the previous year.

(iv) There must be a gain arising on such transfer of a capital asset.

(vi) Such capital gain should not be exempt under Sections 54, 54B, 54D, 54EC, 54EE, 54ED, 54F, 54G,
or 54GA

These requisites are briefly analysed below.

CAPITAL ASSET [Section 2(14)]

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(i) any stock-in-trade(other than securities held by FII mentioned in clause (b) above), consumable stores
or raw-materials held for the purposes of his business or profession;
The exclusion of stock-in-trade from the definition of capital asset is only in respect of sub-clause (a)
above and not sub-clause (b). This implies that even if the nature of such security in the hands of the
Foreign Portfolio Investor is stock in trade, the same would be treated as a capital asset and the profit
on transfer would be taxable as capital gains.
(ii) personal effects that is to say, movable property (including wearing apparel and furniture ) held for
personal use by the assessee or any member of his family dependent on him but excludes
a) jewellery;
b) archaeological collections;
c) drawings;
d) paintings;
e) sculptures; or
f) any work of art
For this purpose, the expression ‘jewellery’ includes the following:
(1) Ornaments made of gold, silver, platinum or any other precious metal or any
alloy containing one or more of such precious metals, whether or not containing
any precious or semi-precious stones and whether or not worked or sewn into any
wearing apparel;
(2) Precious or semi-precious stones, whether or not set in any furniture, utensil or
other article or worked or sewn into any wearing apparel.
(iii) Rural agriculture land excludes :
a) any area within the jurisdiction of a municipality or a cantonment board and which has a population
of not less than ten thousand; or
b) any area within the distance, measured aerially from the jurisdiction of a municipality or a
cantonment board –
I. not being more than two kilometres, from the local limits of any municipality or cantonment
board and which has a population of more than ten thousand but not exceeding one lakh
II. not being more than six kilometres, from the local limits of any municipality or cantonment
board and which has a population of more than one lakh but not exceeding ten lakh
III. not being more than eight kilometres, from the local limits of any municipality or cantonment
board and which has a population of more than ten lakh.
(iv) 6 per cent Gold Bonds, 1977 or 7 per cent Gold Bonds, 1980 or National Defence Gold
Bonds, 1980 issued by the Central Government;
(v) Special Bearer Bonds 1991 issued by the Central Govt.
(vi) Gold Deposit Bonds issued under the Gold Deposit Scheme, 1999 or deposit certificates issued under
the Gold Monetisation Scheme, 2015 notified by the Central Government.

The Supreme Court in the case of Vodafone International Holdings B.V vs. Union of India [2012] 204 Taxman
408 held that influence/persuasion of a parent company over its subsidiary could not be construed as a right in
the legal sense.

To supersede this ruling with retrospective effect from 1st April 1962, an Explanation has been inserted to clarify
that “property” includes and shall be deemed to have always included any rights in or in relation to an Indian
company, including rights of management or control or any other rights whatsoever.

SHORT-TERM & LONG-TERM ASSETS

• Section 2(42A) defines short term capital asset as a capital asset held by the assessee for not more
 Lesson 4 n Part IV – Income from Capital Gains 229

than 36 months immediately preceding the date of transfer. Therefore, an asset which is held by the
assessee for period of > 36 months immediately preceding the date of transfer is a long-term capital
asset.

• However, a security (other than a unit) listed in a recognised stock exchange or a unit of an equity
oriented fund, or of UTI or a Zero-Coupon Bond, will be considered as a long-term asset if it is held for
period of > 12 months immediately preceding the date of transfer.

• A share of a company not being a share which is listed on a recognised stock exchange in India or an
immovable property, being land or building or both, would be treated as a short-term capital asset if it
was held by an assessee for not more than 24 months immediately preceding the date of its transfer.
Thus, the period of holding of unlisted shares or an immovable property, being land or building or both,
for being treated as a long-term capital asset would be “more than 24 months” instead of “more than 36
months”.

• Assets other than short-term capital assets are known as ‘long-term capital assets’ and the gains
arising therefrom are known as ‘long-term capital gains’. In the case of other long- term capital assets,
the period of holding is determinable subject to any rules made by CBDT. An asset should be held for
more than 36 months immediately prior to the date of its transfer to become a long term capital asset.
However, where a capital asset, being Immoveable property (land or building or both) is transferred
on or after April 1, 2017, then it will be treated as Long Term Capital Asset if it is held for more than 24
months immediately prior to the date of its transfer.

Period of Holding

STCA, if held for ≤ 12 month • Security (other than unit) listed in a recognized stock exchange
LTCA, if held for > 12 months • Unit of equity oriented fund/ unit of UTI
• Zero Coupon bond

STCA, if held for ≤ 24 month • Unlisted shares

LTCA, if held for > 24 months • Land or building or both

STCA, if held for ≤ 36 month • Unit of debt oriented fund

LTCA, if held for > 36 months • Unlisted securities other than shares
• Other capital assets

In determining the period for which a capital asset is held by an assessee, the following must be noted:

(i) In the case of shares held in a company in liquidation, the period subsequent to the date on which
the company goes into liquidation shall be excluded;

(ii) In case the asset becomes the property of the assessee under the circumstances mentioned in
Section 49(1) - discussed later in this lesson - the period for which the asset was held by the previous
owner shall be included;

(iii) In the case of the shares in an Indian Company which become the property of the assessee in a
scheme of amalgamation, the period for which the shares in the amalgamating company were held
by the assessee shall be included;

(iv) In the case of a capital asset, being a share or any other security subscribed to by the assessee
230 EP-TL

on the basis of his right to subscribe to such financial asset or subscribed to by the person in
whose favour the assessee has renounced his right to subscribe to such financial asset, the
period shall be reckoned from the date of allotment of such financial asset;

(v) In the case of a capital assets, being the right to subscribe to any financial asset, which is renounced
in favour of any other person, the period shall be reckoned from the date of the offer of such right by the
company or institution, as the case may be, making such offer;

(vi) In the case of a capital asset, being a financial asset, allotted without any payment and on the
basis of holding of any other financial asset, the period shall be reckoned from the date of the
allotment of such financial asset;

(vii) In the case of a capital asset, being a share or shares in an Indian company, which becomes the
property of the assessee in consideration of a demerger, there shall be included the period for
which the share or shares held in the demerged company were held by the assessee;

(viii) In the case of a capital asset, being trading or clearing rights of a recognized stock exchange
in India acquired by a person pursuant to demutualisation or corporatisation of the recognized
stock exchange in India as referred to in Clause (xiii) of Section 47, there shall be included the
period for which the person was a member of the recognized stock exchange in India immediately prior
to such demutualisation or corporatisation;

(viiia) In the case of a capital asset, being equity share or shares in a company allotted pursuant to
demutualisation or corporatisation of a recognised stock exchange in India as referred to in
Clause (xiii) of Section 47, there shall be included the period for which the person was a member of
the recognized stock exchange in India immediately prior to such demutualisation or corporatisation;

Where preference shares are converted into equity shares, the period of holding shall be considered from the date
of acquisition of preference shares. Cost of acquisition of preference shares shall be taken as cost of acquisition
of equity shares in the hands of assessee.

Where units are held by an assessee in the consolidating plan of a mutual fund scheme, made in consideration
of the allotment to him of units, in the consolidated plan of that scheme of mutual fund, then the period of holding
shall also include the period for which the units in consolidating plan of mutual fund scheme were held by him.
Cost of acquisition of units in the consolidated plan of mutual fund scheme referred u/s 47(xix) shall be the cost
of acquisition of units in the consolidating plan of mutual fund scheme.

TRANSFER [SECTION 2(47)

The essential requirement for the incidence of tax on capital gains is the transfer of a “capital asset”. The Act
contains an inclusive definition of “transfer”, and hence, it includes:
 Lesson 4 n Part IV – Income from Capital Gains 249

EXEMPTION OF CAPITAL GAINS

Profit on sale of property used for residence [Section 54]

Conditions for claiming exemption:
l Assessee: Individual or HUF
l Which asset to transfer:Residential house(buildings or lands appurtenant thereto)
l It must be a long-term capital asset
l Income from such house should be chargeable to tax under the head “Income from House Property”

[Link]. Situation Investment

1. Where the amount of capital one residential house in India should be –
gains exceeds Rs. 2 crore
l purchased within 1 year before or 2 years after the
date of transfer (or)
l constructed within a period of 3 years after the date
of transfer.
2. Where the amount of capital l purchase two residential houses in India within 1
gains does not exceed Rs. 2 year before or 2 years after the date of transfer (or)
crore
l construct two residential houses in India within a
period of 3 years after the date of transfer.
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Where during any assessment year, the assessee has exercised the option to purchase or construct two
residential houses in India, he shall not be subsequently entitled to exercise the option for the same or any
other assessment year.
This implies that if an assessee has availed the option of claiming benefit of section 54 in respect of purchase
of two residential houses in Jaipur and Jodhpur, say, in respect of capital gains of Rs. 1.50 crores arising from
transfer of residential house at Bombay in the P.Y.2019-20 then, he will not be entitled to avail the benefit of
section 54 again in respect of purchase of two residential houses in, say, Pune and Baroda, in respect of capital
gains of Rs. 1.20 crores arising from transfer of residential house in Jaipur in the P.Y.2023-24, even though the
capital gains arising on transfer of the residential house at Jaipur does not exceed Rs. 2 crore.
Amount of Exemption under section 54 will be lower of:
l Long term capital gains arising on transfer of residential house; or
l Amount invested in purchase/construction of new residential house or houses. (including the amount
deposited in CGAS before due date of filing of return
If till the date of filing the return of income, the LTCG on such transfer of the house is not utilised (in whole or
in part) to purchase or construct another house, then the benefit of exemption can be availed by depositing the
unutilised amount into Capital Gains Deposit Account Scheme (CGAS) with any scheduled bank.
If the amount deposited in the Capital Gains Account Scheme in respect of which the assessee has claimed
exemption under section 54 is not utilised within the specified period for purchase/construction of the residential
house, then the unutilised amount (for which exemption is claimed) will be taxed as income by way of long- term
capital gains of the year in which the specified period of 2 years/3 years gets over.
If the new house is also transferred within 3 years from date of acquisition or construction, the cost of new house
would be reduced by the capital gains exempted earlier under section 54.

Illustration 7:
Mr. Khan purchased a residential house in the previous year 2005-06 for Rs. 2 crores. The house property is
sold for Rs. 10 crores in the previous year 2019-20 and the capital gain is invested in two residential house
properties worth Rs. 4 crores each. Can he claim the benefit of section 54 in respect of both houses ?

Solution :
Exemption under section 54 can be claimed in respect of capital gains arising on transfer of capital asset, being
long-term residential house property. With effect from Assessment Year 2020-21, an assessee has an option
to make investment in two residential house properties in India to claim section 54 exemption. This option can
be exercised by the assessee only once in his lifetime provided the amount of long-term capital gain does not
exceed Rs. 2 crores. Since, the gain arising in hands of Mr. Khan is Rs. 5.06 crores which is more than Rs. 2
crore, he cannot claim the benefit of section 54 by making investment in both the house properties. However he
can claim the benefit only in respect of one residential property invested.
Computation of Long Term Capital Gains (LTCG)

Sale Consideration 10 Crores

Less Indexed Cost of Acquisition (2*289/117) 4.94 Crores
Long Term Capital Gains (LTCG) 5.06 Crores
Less Deduction U/s 54 4 Crores
Taxable LTCG 1.06 Crores
 Lesson 4 n Part IV – Income from Capital Gains 251

Transfer of land used for agricultural purposes [Section 54B]

Conditions for claiming exemption:
l Assessee: Individual or HUF
l There should be a transfer of an urban agricultural land
l Asset must be either short term or long term capital asset.
l Such land has been used for agricultural purposes for immediately preceding 2 years by such Individual
or his parent or HUF
l He should purchase another agricultural land (urban or rural) within 2 years from date of transfer
l If such investment is not made before the date of filing of return of income, then the capital gain has to
be deposited under the CGAS
l Amount utilized by the assessee for purchase of new asset and the amount so deposited shall be
deemed to be the cost of new asset.
Amount of Exemption:
l If cost of new agricultural land ≥ capital gains, entire capital gains is exempt.
l If cost of new agricultural land < capital gains, capital gains to the extent of cost of new agricultural land
is exempt.
If the new agricultural land is also transferred within 3 years from date of acquisition, the cost of land would be
reduced by the capital gains exempted earlier (not applicable if the new land was rural)

Compulsory acquisition of lands and buildings [Section 54D]

Conditions for claiming exemption:
l Assessee: Any assessee
l There must be a compulsory acquisition of land & building or any right in land or building forming part
of an industrial undertaking
l Such land & building should have been used for business purposes of the industrial undertaking for 2
years immediately preceding the date of transfer.
l The assessee must purchase any another land / building / construct any building(for shifting or re-
establishing the existing undertaking or setting up a new industrial undertaking) within 3 years from
date of transfer
l If such investment is not made before the date of filing of return of income, then the capital gain has
to be deposited under the CGAS. Amount utilized by the assessee for purchase of new asset and the
amount so deposited shall be deemed to be the cost of new asset.
In such a case, if the cost of the new land & building is > the Capital Gains, the entire LTCG will be exempt, and
if less, then the LTCG will be exempt only to the extent of the cost of new land& building.
If the new land & building is also transferred within 3 years from date of acquisition, the cost of such land &
building would be reduced by the capital gains exempted earlier

No tax on long-term capital gains if investments made in specified bonds [Section 54EC]
Conditions for claiming exemption:
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l Assessee: Any assessee

l There should be a transfer of a long-term capital asset being land or building or both.
l Such asset can also be a depreciable asset held for more than 36 months
l The capital gains arising from transfer of such asset should be invested in a long-term specified asset
within 6 months from date of transfer.
l Long-term specified assets would imply, bonds redeemable after 5 years issued on or after 1.4.2018
by National Highways Authority of India (NHAI), or Rural Electrification Corporation Limited or, Power
Finance Corporation Ltd., Indian Railway Finance Corporation Limited or any other bond notified by
central government in this behalf.
l The assessee should neither transfer nor convert / avail loan or advance with this bond as security for a
period of 5 years from date of acquisition of such bonds, and in case that does happen before 5 years,
the capital gain exempted earlier shall be taxed as long-term capital gain in that year.
In this case, the entire LTCG or amount invested in the specified bonds, whichever is lower, is exempt.
The maximum investment which can be made in notified bonds or bonds of NHAI and RECL, out of capital gains
arising from transfer of one or more assets, during the previous year in which the original asset is transferred
and in the subsequent financial year cannot exceed Rs. 50 Lacs.

Practical Questions (MCQs)

State with reason whether the following statements are true or false with regard to the provisions of the Income-
tax Act, 1961 for the Assessment year 2020-21 :
1. Capital gain of Rs. 75 lakh arising from transfer of long term capital assets will be exempt from tax if
such capital gain is invested in the bonds redeemable after three years, issued by NHAI u/s 54 EC of
the Act.
Answer : False : Because the maximum limit of investment in bond of NHAI u/s 54 EC, is just Rs. 50
lakhs.
2. In order to enjoy exemption under section 54EC, the resultant long-term capital gains should be invested
in specified bonds within a period of from the date of transfer.
(a) 36 Months (b) 4 Months
(c) 6 Months (d) 12 Months.
Answer: (c) 6 Months
3. Long-term capital gains on sale of a long-term capital asset in October, 2019 is Rs. 105 lakh. The
assessee invested Rs. 50 lakh in REC bonds in March, 2020 and Rs. 55 lakh in NHAI bonds in May,
2020. The amount of exemption eligible under section 54EC is —
(a) Nil (b) Rs. 50 lakh
(c) Rs. 55 lakh (d) Rs. 105 lakh.
Answer: (b) Rs. 50 lakh
4. Mr. Madan sold a vacant land for Rs. 120 lakhs on 10-10- 2019. The indexed cost of acquisition amounts
to Rs. 18 lakhs. He deposited Rs. 50 lakhs in REC bonds in January 2020 and another Rs. 50 lakhs in
March, 2020. The amount of capital gain liable to tax after deduction under section 54EC is :
(a) Rs. 2 lakhs (b) Rs. 18 lakhs
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LESSON ROUND UP
– Sections 45 to 55A of the Income-tax Act, 1961 deal with capital gains. Section 45 of the Act, provides
that any profits or gains arising from the transfer of a capital asset effected in the previous year shall,
save as otherwise provided in Sections 54, 54B, 54D, 54EC, 54EE, 54ED, 54F, 54G, 54GA and 54H
be chargeable to income-tax under the head “Capital Gains” and shall be deemed to be the income of
the previous year in which the transfer took place.
– Section 2(14) of the Income-tax Act defines the term “capital asset” to means Property of any kind
held by an assessee whether or not connected with his business or profession but does not include
any stock-in-trade, personal effects, agricultural land in India, 6^ per cent Gold Bonds, Special Bearer
Bonds, Gold Deposit Bonds.
– The essential requirement for the incidence of tax on capital gains is the transfer of a ‘capital asset’.-
Any capital gain arising as a result of transfer of a short-term capital asset is known as short-term
capital gain. “Short term” capital asset means a capital asset held by an assessee for not more
than thirty-six months immediately preceding the date of its transfer. In the case of capital assets
(being equity or preference share in a company) held by an assessee for not more than 12 months
immediately prior to its transfer.
– Assets other than short-term capital assets are known as ‘long-term capital assets’ and the gains
arising therefrom are known as ‘long-term capital gains’. Section 48 of the Act provides that the
income chargeable under the head ‘capital gains’ shall be computed by deducting from the full value
of consideration received or accruing as a result of the transfer of the capital asset the f amount of
expenditure incurred wholly and exclusively in connection with such transfer and the cost of acquisition
of the capital asset and the cost of any improvement thereto.
– ‘Cost of acquisition’ of goodwill of a business or a right to manufacture, produce or process any article
or thing, tenancy rights, stage carriage permits or loom hours is in the case of acquisition of such
asset by the assessee by purchase from a previous owner, cost of acquisition means the amount of
the purchase price; and in any other case cost of acquisition shall be Nil.
– Cost of improvement means all capital expenditure in making any additions or alterations by the
assessee after it became his property and where the capital asset became the property of the
assessee by any of the modes specified in Section 49(1) by the previous owner as the case may be.
– Under Sections 54, 54B, 54D, 54EC, 54EE, 54F, 54G and 54H of the Act, capital gains arising from
the transfer of certain capital assets are exempt from tax under certain circumstances.

SELF TEST QUESTIONS

These are meant for re-capitulation only. Answers to these questions are not to be submitted for evaluation.

Practical Questions (MCQs)

1. Capital asset excludes all except-
(a) Stock-in-trade (b) Personal effects
(c) Jewellery (d) Agricultural land in India.
Answer: (c) Jewellery
2. In terms of section 2(42A), listed securities are treated as long-term capital asset, if they are held for a
period of more than —
(a) 12 Months (b) 36 Months
 Lesson 4 n Part IV – Income from Capital Gains 263

(c) 24 Months (d) 48 Months.

Answer: (a) 12 Months
3. Which of the following is not a requisite for charging income-tax on capital gains —
(a) The transfer must have been effected in the relevant assessment year
(b) There must be a gain arising on transfer of capital asset
(c) Capital gains should not be exempt under section 54
(d) Capital gains should not be exempt under section 54EC.
Answer: (a) The transfer must have been effected in the relevant assessment year
4. Rajat purchased a car for his personal use for Rs. 5,00,000 in April, 2018 and sold the same for Rs.
5,50,000 in July, 2018. The taxable capital gains is —
(a) Nil (b) Rs. 5,50,000
(c) Rs. 50,000 (d) Rs. 4,00,000
Answer: (a) Nil [Car for personal use is not capital asset. Therefore, no capital gain shall arise.]
5. Which of the following is not a capital asset for Mr. Rao who is employed in a public sector bank?
(a) Urban land
(b) Agricultural land within 2 kms from local limits of municipality
(c) Deposit certificate issued under Gold Monetisation Scheme, 2015
(d) Jewellery
Answer: (c) Deposit certificate issued under Gold Monetisation Scheme, 2015
6. Land or building, or both, if transferred on or after 1st April, 2018 shall be treated as a long term capital
asset, if it is being held immediately prior to the date of its transfer for more than :
(a) 36 months (b) 12 months
(c) 24 months (d) None of the above
Ans: (c)

SUGGESTED READINGS
1. Direct Taxes Law and Practice
Author : Dr. Vinod K. Singhania & Dr. Kapil Singhania
Publisher : Taxmann
Year : 2019
Edition : 2019
2. Direct Taxes Ready Reckoner with Tax Planning
Author : Dr. Girish Ahuja & Dr. Ravi Gupta
Publisher : Wloters Kluwer
Year : 2019
Edition : 20th Edition