Cost of acquisition

Section 49(1)(ii) - cost of acquisition in case of transfer by way of gift or will - where cost shall be deemed to be the cost of previous owner

section 49(4) - cost of acquisition in case of transfer of assets for inadequate consideration and tax has been paid by recipient on inadequate consideration u/s 56(2)(X) - cost shall be value considered for the purposes of section 56(2)(X)

For instance, gift between relatives will be covered under 49(1)(ii) whereas gift between non-relatives will be covered under 49(4)