Clause 14 - Amendment of section 49. - Finance Bill, 2015

Amendment of section 49. 14. In section 49 of the Income-tax Act, with effect from the 1st day of April, 2016,- (I) in sub-section (1), in clause (iii), in sub-clause (e), for the words, brackets, figures and letters or clause (viaa) or clause (vica) or clause (vicb) , the words, brackets, figures and letters or clause (viaa) or clause (viab) or clause (vib) or clause (vica) or clause (vicb) or clause (vicc) shall be substituted; (II) after sub-section (2AC), the following sub-section shall be inserted, namely:- (2AD) Where the capital asset, being a unit or units in a consolidated scheme of a mutual fund, became the property of the assessee in consideration of a transfer referred to in clause (xviii) of section 47, the cost of acquisition of the asset shall be deemed to be the cost of acquisition to him of the unit or units in the consolidating scheme of the mutual fund. .