Section 30 - Amendment of section 49. - Finance Act, 2016

Amendment of section 49. 30. In section 49 of the Income-tax Act, after sub-section (4) the following sub-section shall be inserted with effect from the 1st day of April, 2017, namely:- (5) Where the capital gain arises from the transfer of an asset declared under the Income Declaration Scheme, 2016, and the tax, surcharge and penalty have been paid in accordance with the provisions of the Scheme on the fair market value of the asset as on the date of commencement of the Scheme, the cost of acquisition of the asset shall be deemed to be the fair market value of the asset which has been taken into account for the purposes of the said Scheme. .