Cost of acquisition deemed previous owner's cost for specified transfers, changing the capital gains computation and tax basis. Where an asset becomes the assessee's property by partition, gift, succession, dissolution, liquidation or transfer to a trust, the cost of acquisition is deemed to be the cost for which the previous owner acquired it, increased by improvement costs borne by the previous owner or the assessee; 'previous owner' means the last owner who acquired the asset by a mode other than those specified. Specific deeming rules apply for amalgamation, share/debenture exchanges, conversions, demergers, mutual fund consolidations/segregations, and value-based bases such as fair market value or stamp duty value.