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Clause - 025 - Amendment of section 49.
Clause 25 of the Bill seeks to amend section 49 of the Income-tax Act relating to cost with reference to certain modes of acquisition.
It is proposed to insert a new sub-section (6) in the said section so as to provide that where the capital gain arises from the transfer of specified capital asset referred to in clause (c) of the Explanation to clause (37A) of section 10, received under the Land Pooling Scheme covered under the Andhra Pradesh Capital City Land Pooling Scheme (Formulation and Implementation) Rules, 2015 made under the provisions of Andhra Pradesh Capital Region Development Authority Act, 2014 and the rules, regulations and schemes made under the said Act, which has been transferred after the expiry of two years from the end of the financial year in which the possession of such specified capital asset was handed over to the assessee, the cost of acquisition of that specified capital asset shall be deemed to be the stamp duty value of the said specified capital asset as on the last day of the second financial year after the end of the financial year in which the possession of the said specified capital asset was handed over to the assessee.
It is also proposed to define "stamp duty value".
These amendments will take effect from 1st April, 2018 and will, accordingly, apply in relation to the assessment year 2018-2019 and subsequent years.
Cost of acquisition tied to stamp duty value for land pooling allotments determining capital gains computation. Where capital gains arise from transfer of a specified capital asset received under the Andhra Pradesh Capital City Land Pooling Scheme and transferred after two years from the end of the financial year in which possession was handed over, the cost of acquisition shall be deemed to be the stamp duty value of the asset as on the last day of the second financial year after the end of the financial year when possession was handed over; the amendment also defines 'stamp duty value.'
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