Section 15 - Amendment of section 49 - Finance Act, 2015

Amendment of section 49 15. 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 (2AB), the following sub-section shall be inserted, namely:- (2ABB) Where the capital asset, being share or shares of a company, is acqired by a non-resident assessee on redemption of Global Depository Receipts referred to in clause (b) of sub-section (1) of section 115AC held by such assessee, the cost of acqisition of the share or shares shall be the price of such share or shares prevailing on any recognised stock exchange on the date on which a request for such redemption was made. Explanation.-For the purposes of this sub-section, recognised stock exchange shall have the meaning assigned to it in clause (ii) of the Explanation 1 to sub-section (5) of section 43. ; . (III) 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. .