Insertion of new section 43C
Section 13 of the Finance Act, 1988 deals with insertion of new section 43C. Insertion of new section 43C 13. After section 43B of the Income-tax Act, the following section shall be inserted, namely: — Special provision for computation of cost of acquisition of certain assets "43C.
Insertion of new section 43C
13. After section 43B of the Income-tax Act, the following section shall be inserted, namely: —
Special provision for computation of cost of acquisition of certain assets
"43C. (1) Where an asset [not being an asset referred to in subsection (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 asaessee 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.".
[Finance Act, 1988]
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Section 13, The Finance Act, 1988 (Act 26 of 1988).
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Questions about Section 13
What does Section 13 of the Finance Act deal with?
Section 13 of the Finance Act is headed "Insertion of new section 43C". Insertion of new section 43C 13. After section 43B of the Income-tax Act, the following section shall be inserted, namely: — Special provision for computation of cost of acquisition of certain assets "43C.
How do I find court cases under Section 13 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 1988 13, section 13 Finance Act 1988, section 13 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 13 of the Finance Act, and has it changed?
Its own text turns on section 45 (Amendment of section 271B), Income-tax Act 43B (Certain deductions to be only on actual payment), so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.
When was the Finance Act enacted?
Finance Act was enacted in 1988 as Act 26 of 1988. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
- First Schedule. First Schedule7045 words
- 2. Income-tax2162 words
- 4. Amendment of section 101079 words
- 6. Insertion of new section 10B1066 words
- 24. Amendment of section 80HHC788 words
- 40. Insertion of new section 206C687 words
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument. This page is not a substitute for legal advice.