Section 49 → Section 64
Cost with reference to certain modes of acquisition
Quick Answer
Section 49 of the Income Tax Act, 1961 (Cost with reference to certain modes of acquisition) corresponds to Section 64 of the Income-tax Act, 2025, effective 1st April 2026. Status: Retained.
What changed for Section 49
Under the Income Tax Act, 1961, Section 49 governs cost with reference to certain modes of acquisition. Determines the cost of acquisition when the asset was acquired via gift, will, or succession (Cost to the previous owner).
The new code maps this to Section 64: the provision is retained and renumbered as Section 64 of the Income-tax Act, 2025, applying from 1st April 2026. Retained verbatim. Ensures continuity of holding period and cost base for inherited assets.
On the ground, changes to Section 49 carry a Medium impact. Essential for inherited property sales.
Sec 49
Provision Summary
Determines the cost of acquisition when the asset was acquired via gift, will, or succession (Cost to the previous owner).
Sec 64
Provision Summary
Retained verbatim. Ensures continuity of holding period and cost base for inherited assets.
Key Changes & Highlights
- No substantive change.
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Frequently Asked Questions
What does Section 49 of the Income Tax Act 1961 deal with?
Section 49 of the Income Tax Act, 1961 covers cost with reference to certain modes of acquisition. Determines the cost of acquisition when the asset was acquired via gift, will, or succession (Cost to the previous owner).
Where does Section 49 of the ITA 1961 go under the Income-tax Act, 2025?
Section 49 of the Income Tax Act, 1961 maps to Section 64 of the Income-tax Act, 2025, effective 1st April 2026 (status: Retained). Retained verbatim. Ensures continuity of holding period and cost base for inherited assets.
Why does the change to Section 49 matter for taxpayers?
The transition impact for Section 49 is rated Medium. Essential for inherited property sales.
What are the key changes to Section 49 under the Income-tax Act, 2025?
No substantive change. These points are specific to Section 49 (Cost with reference to certain modes of acquisition).
Disclaimer: This mapping of Section 49 (Cost with reference to certain modes of acquisition) to Section 64 of the Income-tax Act, 2025 is for educational and reference purposes only, based on publicly available drafts and circulars. As Section 49 is currently marked Retained, always confirm its treatment with a qualified Chartered Accountant before filing or making compliance decisions.
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