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of <h1>Amendments to Section 49: New Cost of Acquisition Rules for Equity Shares, Mutual Funds, and Specified Capital Assets</h1> Section 49 of the Income-tax Act was amended by the Finance Act, 2017, with changes effective from April 1, 2018. The amendments include inserting references to new clauses in sub-sections and defining the cost of acquisition for various capital assets. These include equity shares acquired through specific transfers, mutual fund units in consolidated plans, and specified capital assets transferred after two years. The cost of acquisition is deemed based on stamp duty value or fair market value, particularly for assets held by trusts or institutions with accreted income. Additionally, provisions address capital gains from project shares in land or buildings.
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