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of <h1>Finance Act 1999: Section 43 Amended for Demergers and Asset Transfers, Introduces New Cost Calculation Rules</h1> The Finance Act, 1999 amends section 43 of the Income-tax Act effective April 1, 2000. It introduces Explanation 7A, stipulating that in a demerger, the actual cost of a transferred capital asset to the resulting Indian company is the same as if the demerged company retained it, not exceeding its written down value. Explanation 11 addresses non-residents bringing assets to India, adjusting the actual cost by depreciation. Clause (6) is amended to address slump sales and asset transfers in demergers, affecting the written down value of asset blocks for both demerged and resulting companies, with specific conditions on book and written down values.
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