https://www.taxtmi.com/acts?id=3607 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. en-us Sat, 19 Jan 2008 22:45:54 +0530 Wed, 27 Aug 2025 18:11:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=3607 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. Act-Rules Income Tax Sat, 19 Jan 2008 22:45:54 +0530 https://www.taxtmi.com/acts?id=3607