Section 43CCentral Act
Section 43C: [ Special provision for computation of cost of acquisition of certain assets. [ Inserted by Act 26 of 1988, Section 13 (w.e.f. 1.4.1988).]
[ Special provision for computation of cost of acquisition of certain assets. [ Inserted by Act 26 of 1988, Section 13 (w.e.f. 1.4.1988).]
(1)
Where an asset not being an asset referred to in sub-section (2) of section 45 which becomes the property of an amalgamated company under a scheme of amalgamation, is sold after the 29th day of February, 1988, by the amalgamated company as stock-in-trade of the business carried on by it, the cost of acquisition of the said asset to the amalgamated company in computing the profits and gains from the sale of such asset shall be the cost of acquisition of the said asset to the amalgamating company, as increased by the cost, if any, of any improvement made thereto, and the expenditure, if any, incurred, wholly and exclusively in connection with such transfer by the amalgamating company.(2)
Where an asset [not being an asset referred to in sub-section (2) of section 45 which becomes the property of the assessee on the total or partial partition of a Hindu undivided family or under a gift or will or an irrevocable trust, is sold after the 29th day of February, 1988, by the assessee as stock-in-trade of the business carried on by him, the cost of acquisition of the said asset to the assessee in computing the profits and gains from the sale of such asset shall be the cost of acquisition of the said asset to the transferor or the donor, as the case may be, as increased by the cost, if any, of any improvement made thereto, and the expenditure, if any, incurred, wholly and exclusively in connection with such transfer (by way of effecting the partition, acceptance of the gift, obtaining probate in respect of the will or the creation of the trust), including the payment of gift-tax, if any, incurred by the transferor or the donor, as the case may be.] [Substituted by Act 12 of 1990, Section 13, for Explanation 4 (w.e.f. 1.4.1991).]Previous
Sec 43B — [ Certain deductions to be only on actual payment. [Inserted by Act 11 of 1983, Section 18 (w.e.f. 1.4.1984).]
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Sec 43CA — [ Special provision for full value of consideration for transfer of assets other than capital assets in certain cases. [Inserted by Act 17 of 2013, section 10 (w.e.f. 1-4-2014).]
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