Amendment of section 49

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....iib) of section 47" shall be substituted with effect from the 1st day of April, 2011; (b) in sub-section (4), after the word, brackets and figures "clause (vii)", at both the places where they occur, the words, brackets, figures and letter "or clause (viia)" shall be inserted with effect from the 1st day of June, 2010. - Clause 20 of the Bill seeks to amend section 49 of the Income tax Act relat....

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....1st April, 2011 and will, accordingly, apply in relation to the assessment year 2011-2012 and subsequent years. Under the existing provision contained in sub-section (4) of section 49, where the capital gain arises from the transfer of a property, the value of which has been subject to income-tax under clause (vii) of sub-section (2) of section 56, the cost of acquisition of such property shall b....