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of <h1>Deemed cost of acquisition for specified non-ordinary transfers under Section 49: prior owner cost, improvements, and apportionments</h1> Where a capital asset passes to an assessee by specified non-ordinary transfers (gifts, will, partition, succession, dissolution/liquidation distributions, trust transfers, certain corporate reorganisations and other listed modes), its cost of acquisition is generally deemed to be the cost to the previous owner, increased by improvements; specific rules prescribe deemed cost for varied cases (amalgamation, share/debenture swaps, specified securities, demergers, conversions, mutual fund consolidations/segregations, electronic gold receipts, assets taxed under specified provisions, scheme declarations and similar situations), with adjustments and proportional apportionments as provided.
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