Report No. 12
49. Statutory cost with reference to modes of acquisition.-
Where the capital asset became the property of the assessee by any of the following modes, the statutory cost of the asset shall be determined in accordance with the provisions of sections 50 and 51 [next two sections following, dealing with determination of statutory cost]-
(i) under a purchase, exchange, relinquishment or other transfer;
(ii) on any "distribution of capital assets on the total or partial partition of a Hindu undivided family;
(iii) under a gift or will;
(iv)(a) by succession, inheritance or devolution; or
(b) on any distribution of capital assets on the dissolution of a firm or other association of persons; or
(c) on any distribution of capital assets on the liquidation of a company; or
(d) under a transfer on revocable or irrevocable trust.
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