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of <h1>Income Tax Bill 2025: Clause 40 vs. Section 43C on Asset Acquisition Costs in Amalgamations and Gifts Explained</h1> Clause 40 of the Income Tax Bill, 2025, and Section 43C of the Income Tax Act, 1961, both address the computation of the cost of acquisition for assets acquired through transactions like amalgamation, gifts, wills, or partitions of Hindu Undivided Families. Both provisions aim to reflect the true economic cost to prevent tax manipulation. Clause 40 excludes certain assets under section 67(6), unlike Section 43C, which applies to assets sold post-February 29, 1988, and explicitly includes gift-tax payments. These provisions necessitate meticulous documentation to ensure fair tax treatment and prevent undue advantages.
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