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of <h1>Finance Bill 2010 Amends Income-tax Act Section 49: Changes Asset Cost Rules for LLP Successions.</h1> Clause 20 of the Finance Bill, 2010, amends section 49 of the Income-tax Act concerning the cost of acquisition for certain asset transfers. It modifies sub-section (1), clause (iii), sub-clause (e) to include clause (xiiib) of section 47, effective from April 1, 2011, applicable to assessment year 2011-2012 onwards. This change affects asset cost calculations during the succession of a private or unlisted public company by a limited liability partnership. Additionally, sub-section (4) is amended to include clause (viia) of section 56, effective June 1, 2010, also applicable from assessment year 2011-2012.
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