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TMI BlogCost with reference to certain modes of acquisitionX X X X Extracts X X X X X X X X Extracts X X X X ..... e (xiiib) or clause (xiv) of section 47 ]] of section 47; 8 [ (iv) such assessee being a Hindu undivided family, by the mode referred to in sub-section (2) of section 64 at any time after the 31st day of December, 1969, ] the cost of acquisition of the asset shall be deemed to be the cost for which the previous owner of the property acquired it, as increased by the cost of any improvement of the assets incurred or borne by the previous owner or the assessee, as the case may be. 9 [ Explanation .-In this 10 [ sub-section ] the expression previous owner of the property in relation to any capital asset owned by an assessee means the last previous owner of the capital asset who acquired it by a mode of acquisition other than that referred to in clause (i) or clause (ii) or clause (iii) 11 [ or clause (iv) ] of this 12 [ sub-section ].] 13 [ (2) Where the capital asset being a share or shares in an amalgamated company which is an Indian company became the property of the assessee in consideration of a transfer referred to in clause (vii) of section 47, the cost of acquisition of the asset shall be deemed to be the cost of acquisition to him of the share o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eemed to be the cost of acquisition to him of the share referred to in the said clause.] 30 [(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.] 33 [(2AE) Where the capital asset, being equity share of a company, became the property of the assessee in consideration of a transfer referred to in clause (xb) of section 47, the cost of acquisition of the asset shall be deemed to be that part of the cost of the preference share in relation to which such asset is acquired by the assessee. ] 34 [(2AF) Where the capital asset, being a unit or units in a consolidated plan of a mutual fund scheme, became the property of the assessee in consideration of a transfer referred to in clause (xix) 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 plan of the scheme of the mutual ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... otwithstanding anything contained in sub-section (1), where the capital gain arising from the transfer of a capital asset referred to in clause (iv) or, as the case may be, clause (v) of section 47 is deemed to be income chargeable under the head Capital gains by virtue of the provisions contained in section 47A, the cost of acquisition of such asset to the transferee-company shall be the cost for which such asset was acquired by it. ] 22 [ (4) Where the capital gain arises from the transfer of a property, the value of which has been subject to income-tax under clause (vii) 25 [ or clause (viia) ] 35 [ or clause (x) ] of sub-section (2) of section 56, the cost of acquisition of such property shall be deemed to be the value which has been taken into account for the purposes of the said clause (vii) 25 [ or clause (viia) ] . 35 [ or clause (x) ] ] 31 [(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 acquisi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e cost of acquisition of the asset for the purposes of the said transfer, shall be deemed to be the cost of gold in the hands of the person in whose name Electronic Gold Receipt is issued; (ii) gold released against an Electronic Gold Receipt, which became the property of the person as consideration for a transfer, referred to in clause (viid) of section 47, the cost of acquisition of the asset for the purposes of the said transfer shall be deemed to be the cost of the Electronic Gold Receipt in the hands of such person. ] ********************* Notes :- 1. Inserted by the Finance (No. 2) Act, 1967, w.e.f. 1-4-1967. 2. Substituted by the Finance Act, 1987, w.e.f. 1-4-1988. 3. Inserted by the Finance Act, 1965, w.e.f. 1-4-1965. 4. Inserted by the Finance (No. 2) Act, 1967, w.e.f. 1-4-1967. 5. Inserted by the Finance Act, 1992. w.e.f. 1-4-1993. 6. Inserted by the Finance Act, 2005, w.e.f. 1-4-2005. 7 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ost of acquisition of the asset to the assessee shall be deemed to be that part of the cost of debenture, debenture-stock or deposit certificates in relation to which such asset is acquired by the assessee. ] 20. Inserted by the Finance Act, 2007, w.e.f. 1-4-2008. 21. Inserted by the Finance Act, 2007, w.e.f. 1-4-2008. 22. Inserted vide Finance (No. 2) Act, 2009, w.e.f. 1-10-2009 23. in sub-section (1), in clause (iii), in sub-clause (e), for the words, brackets, figures and letters clause (vicb) of section 47 , the words, brackets, figures and letters clause (vicb) or clause (xiiib) of section 47 has been substituted vide Finance Act, 2010 w.e.f. the 1st day of April, 2011. 24. After sub-section (2AA) sub-section (2AAA) has been inserted vide Finance Act, 2010 w.e.f. the 1 st day of April, 2011. 25. In sub-section (4), after the word, brackets and figures clause (vii) , at both the places where they occur, the words, brackets, figures and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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