Amendment of section 49

In force Act 20 of 2015 As on 10 Oct 2026

Act 20 of 2015 Ministry Finance Cited by 1 provision

Section 15 of the Finance Act, 2015 deals with amendment of section 49. Amendment of section 49. 15. In section 49 of the Income-tax Act, with effect from the 1st day of April, 2016,— (I) | in sub-section (1), in clause (iii), in sub-clause (e), for the words, brackets, figures and letters "or clause (viaa)or clause (vica)or clause (vicb)", the words, brackets, figures

Amendment of section 49.
15. In section 49 of the Income-tax Act, with effect from the 1st day of April, 2016,—
(I) in sub-section (1), in clause (iii), in sub-clause (e), for the words, brackets, figures and letters "or clause (viaa)or clause (vica)or clause (vicb)", the words, brackets, figures and letters "or clause (viaa)or clause (viab)or clause (vib)or clause (vica)or clause (vicb)or clause (vicc)" shall be substituted;
(II) after sub-section (2AB), the following sub-section shall be inserted, namely:—
'(2ABB) Where the capital asset, being share or shares of a company, is acquired by a non-resident assessee on redemption of Global Depository Receipts referred to in clause (b) of sub-section (1) of section 115AC held by such assessee, the cost of acquisition of the share or shares shall be the price of such share or shares prevailing on any recognised stock exchange on the date on which a request for such redemption was made.
Explanation.—For the purposes of this sub-section, "recognised stock exchange" shall have the meaning assigned to it in clause (ii) of the Explanation 1 to sub-section (5) of section 43.";
(III) after sub-section (2AC), the following sub-section shall be inserted, namely:—
"(2AD)Where the capital asset, being a unit or units in a consolidated scheme of a mutual fund, became the property of the assessee in consideration of a transfer referred to in clause (xviii)of section 47, the cost of acquisition of the asset shall be deemed to be the cost of acquisition to him of the unit or units in the consolidating scheme of the mutual fund.".
Section 15, The Finance Act, 2015 (Act 20 of 2015).

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

Referred to by 1

s. 142 Insertion of new section 37A

Questions about Section 15

What does Section 15 of the Finance Act deal with?

Section 15 of the Finance Act is headed "Amendment of section 49". Amendment of section 49. 15. In section 49 of the Income-tax Act, with effect from the 1st day of April, 2016,— (I) | in sub-section (1), in clause (iii), in sub-clause (e), for the words, brackets, figures and letters "or clause (viaa)or clause (vica)or clause (vicb)", the words, brackets, figures

How do I find court cases under Section 15 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 2015 15, section 15 Finance Act 2015, section 15 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 15 of the Finance Act, and has it changed?

Its own text turns on section 43 (Amendment of section 194A), section 47 (Insertion of new section 194LBB), section 49 (Amendment of section 195), Income-tax Act 49 (Cost with reference to certain modes of acquisition), 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 2015 as Act 20 of 2015. 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 Schedule8029 words
Fifth Schedule. Fifth Schedule4392 words
2. Income-tax3525 words
94. Substitution of new section for section 11AC1125 words
6. Insertion of new section 9A1095 words
5. Amendment of section 91039 words

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(I)		in sub-section (1), in clause (iii), in sub-clause (e), for the words, brackets, figures and letters "or clause (viaa)or clause (vica)or clause (vicb)", the words, brackets, figures and letters "or clause (viaa)or clause (viab)or clause (vib)or clause (vica)or clause (vicb)or clause (vicc)" shall be substituted;
(II)		after sub-section (2AB), the following sub-section shall be inserted, namely:—
		'(2ABB) Where the capital asset, being share or shares of a company, is acquired by a non-resident assessee on redemption of Global Depository Receipts referred to in clause (b) of sub-section (1) of section 115AC held by such assessee, the cost of acquisition of the share or shares shall be the price of such share or shares prevailing on any recognised stock exchange on the date on which a request for such redemption was made.
		Explanation.—For the purposes of this sub-section, "recognised stock exchange" shall have the meaning assigned to it in clause (ii) of the Explanation 1 to sub-section (5) of section 43.";
(III)		after sub-section (2AC), the following sub-section shall be inserted, namely:—
		"(2AD)Where the capital asset, being a unit or units in a consolidated scheme of a mutual fund, became the property of the assessee in consideration of a transfer referred to in clause (xviii)of section 47, the cost of acquisition of the asset shall be deemed to be the cost of acquisition to him of the unit or units in the consolidating scheme of the mutual fund.".