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of <h1>Finance Bill 2021 amends Income-tax Act, section 49 to clarify asset cost basis from April 2022.</h1> Clause 17 of the Finance Bill, 2021 proposes an amendment to section 49 of the Income-tax Act, specifically sub-section (1), clause (iii), sub-clause (e). The amendment involves inserting references to clause (viiac) and clause (viiad) of section 47, thereby expanding the situations under which the cost of acquisition of a capital asset is determined. This change will be effective from April 1, 2022, and will apply to the assessment year 2022-2023 and subsequent years. The amendment aims to clarify the cost basis for assets acquired under specific circumstances.
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