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 Direct Tax Code 2025 (Income-tax Act, 2025), effective 1st April 2026. Status: Retained.
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 (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).
What is the new section number for Section 49 under the Direct Tax Code 2025?
Section 49 of the ITA 1961 maps to Section 64 of the Direct Tax Code 2025 (Income-tax Act, 2025), effective from 1st April 2026.
What is the status of Section 49 under the new tax code?
Section 49 is marked as "Retained" with status "Active". Impact: Medium - Essential for inherited property sales.
What are the key changes to Section 49 under DTC 2025?
No substantive change.
Disclaimer: This page is for educational and reference purposes only. Section mappings are based on publicly available drafts and circulars. Always consult a qualified Chartered Accountant before filing or making compliance decisions under the Direct Tax Code 2025.
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