TaxTMI 
TaxTMI 
Cost with reference to certain modes of acquisition
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....essee being a Hindu undivided family, by the mode referred to in sub-section (2) of section 64 at any time after the 31st day of December, 1969,] the cost of acquisition of the asset shall be deemed to be the cost for which the previous owner of the property acquired it, as increased by the cost of any improvement of the assets incurred or borne by the previous owner or the assessee, as the case may be. 9[Explanation.-In this 10[sub-section] the expression "previous owner of the property" in relation to any capital asset owned by an assessee means the last previous owner of the capital asset who acquired it by a mode of acquisition other than that referred to in clause (i) or clause (ii) or clause (iii) 11[or clause (iv)] of this 12[sub-section].] 13[(2) Where the capital asset being a share or shares in an amalgamated company which is an Indian company became the property of the assessee in consideration of a transfer referred to in clause (vii) of section 47, the cost of acquisition of the asset shall be deemed to be the cost of acquisition to him of the share or shares in the amalgamating company.] 19[(2A) Where the capital asset, being a share or debenture of a company, bec....
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....lidated scheme of a mutual fund, became the property of the assessee in consideration of a transfer referred to in clause (xviii) of section 47, the cost of acquisition of the asset shall be deemed to be the cost of acquisition to him of the unit or units in the consolidating scheme of the mutual fund.] 33[(2AE) Where the capital asset, being equity share of a company, became the property of the assessee in consideration of a transfer referred to in clause (xb) of section 47, the cost of acquisition of the asset shall be deemed to be that part of the cost of the preference share in relation to which such asset is acquired by the assessee.] 34[(2AF) Where the capital asset, being a unit or units in a consolidated plan of a mutual fund scheme, became the property of the assessee in consideration of a transfer referred to in clause (xix) of section 47, the cost of acquisition of the asset shall be deemed to be the cost of acquisition to him of the unit or units in the consolidating plan of the scheme of the mutual fund.] 39[(2AG) The cost of acquisition of a unit or units in the segregated portfolio shall be the amount which bears, to the cost of acquisition of a unit or units held....
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....nder the head "Capital gains" by virtue of the provisions contained in section 47A, the cost of acquisition of such asset to the transferee-company shall be the cost for which such asset was acquired by it.] 22[(4) Where the capital gain arises from the transfer of a property, the value of which has been subject to income-tax under clause (vii) 25[or clause (viia)] 35[or clause (x)] of sub-section (2) of section 56, the cost of acquisition of such property shall be deemed to be the value which has been taken into account for the purposes of the said clause (vii) 25[or clause (viia)] 35[or clause (x)]]. 31[(5) Where the capital gain arises from the transfer of an asset declared under the Income Declaration Scheme, 2016, and the tax, surcharge and penalty have been paid in accordance with the provisions of the Scheme on the fair market value of the asset as on the date of commencement of the Scheme, the cost of acquisition of the asset shall be deemed to be the fair market value of the asset which has been taken into account for the purposes of the said Scheme.] 36[(6) Where the capital gain arises from the transfer of a specified capital asset referred to in clause (c) of th....
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....deration for a transfer, referred to in clause (viid) of section 47, the cost of acquisition of the asset for the purposes of the said transfer shall be deemed to be the cost of the Electronic Gold Receipt in the hands of such person.] **************** NOTES:- 1. Numbered vide Section 20 of the Finance (No. 2) Act, 1967 w.e.f. 01-04-1967 2. Substituted vide Section 16 of the Finance Act, 1987 w.e.f. 01-04-1988 before it was read as, "(b) on any distribution of assets on the dissolution of a firm, body of individuals or other association of persons, or" 3. Inserted vide Section 16 of the Finance Act, 1965 w.e.f. 01-04-1965 4. Inserted vide Section 20 of the Finance (No. 2) Act, 1967 w.e.f. 01-04-1967 5. Inserted vide Section 25 of the Finance Act, 1992 w.e.f. 01-04-1993 6. Inserted vide Section 16 of the Finance Act, 2005 w.e.f. 01-04-2005 7. Inserted vide Section 17 of the Finance Act, 2007 w.e.f. 01-04-2008 8. Inserted vide Section 12 of the Taxation Laws (Amendment) Act, 1975 w.e.f. 01-04-1976 9. Inserted vide Section 16 of the Finance Act, 1965 w.e.f. 01-04-1965 10. Substitute....