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of <h1>Finance Bill 2012 amends Income-tax Act Section 49, updating acquisition cost rules for firm-to-company asset transfers.</h1> Clause 16 of the Finance Bill, 2012, amends section 49 of the Income-tax Act concerning the cost of acquisition in specific scenarios. The amendment updates sub-clause (e) of clause (iii) in sub-section (1) to include transfers outlined in clauses (xiii) and (xiv) of section 47, which involve the transfer of capital or intangible assets from a firm or sole proprietorship to a company due to succession. This change is retroactively effective from April 1, 1999, applying to the assessment year 1999-2000 and onwards.
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