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Section 47 - Transactions not regarded as transfer - Income-tax Act, 1961Extract ..... ng contained in clause (iv) or clause (v) shall apply to the transfer of a capital asset made after the 29th day of February, 1988, as stock-in-trade;] 6[(vi) any transfer, in a scheme of amalgamation, of a capital asset by the amalgamating company to the amalgamated company if the amalgamated company is an Indian company;] 7[(via) any transfer, in a scheme of amalgamation, of a capital asset being a share or shares held in an Indian company, by the amalgamating foreign company to the amalgamated foreign company, if- (a) at least twenty-five per cent of the shareholders of the amalgamating foreign company continue to remain shareholders of the amalgamated foreign company, and (b) such transfer does not attract tax on capital gains in the country, in which the amalgamating company is incorporated;] 8[(viaa) any transfer, in a scheme of amalgamation of a banking company with a banking institution sanctioned and brought into force by the Central Government under sub-section (7) of section 45 of the Banking Regulation Act, 1949 (10 of 1949), of a capital asset by the banking company to the banking institution. Explanation.-For the purposes of this clause,- (i) "banking company&quo ..... x x x x x Extracts x x x x x Section 47 - Transactions not regarded as transfer - Income-tax Act, 1961 x x x x x Extracts x x x x x ..... d banking company”, “predecessor co-operative bank” and] "successor co-operative bank" shall have the meanings respectively assigned to them in section 44DB;] 36[(vicc) any transfer in a demerger, of a capital asset, being a share of a foreign company, referred to in the Explanation 5 to clause (i) of subsection (1) of section 9, which derives, directly or indirectly, its value substantially from the share or shares of an Indian company, held by the demerged foreign company to the resulting foreign company, if- (a) the shareholders, holding not less than three-fourths in value of the shares of the demerged foreign company, continue to remain shareholders of the resulting foreign company; and (b) such transfer does not attract tax on capital gains in the country in which the demerged foreign company is incorporated: Provided that the provisions of sections 391 to 394 of the Companies Act, 1956 (1 of 1956) shall not apply in case of demergers referred to in this clause;] (vid) any transfer or issue of shares by the resulting company, in a scheme of demerger to the shareholders of the demerged company if the transfer or issue is made in consideration of dem ..... x x x x x Extracts x x x x x Section 47 - Transactions not regarded as transfer - Income-tax Act, 1961 x x x x x Extracts x x x x x ..... d (viiad),- (a) “original fund” means a fund established or incorporated or registered outside India, which collects funds from its members for investing it for their benefit and fulfils the following conditions, namely:- (i) the fund is not a person resident in India; (ii) the fund is a resident of a country or a specified territory with which an agreement referred to in sub-section (1) of section 90 or sub-section (1) of section 90A has been entered into; or is established or incorporated or registered in a country or a specified territory as may be notified by the Central Government in this behalf; (iii) the fund and its activities are subject to applicable investor protection regulations in the country or specified territory where it is established or incorporated or is a resident; and (iv) fulfils such other conditions as may be prescribed; (b) “relocation” means transfer of assets of the original fund, or of its wholly owned special purpose vehicle, to a resultant fund on or before the 31st day of March, 2023, where consideration for such transfer is discharged in the form of share or unit or interest in the resulting fund to,- (i) shareholder or unit ..... x x x x x Extracts x x x x x Section 47 - Transactions not regarded as transfer - Income-tax Act, 1961 x x x x x Extracts x x x x x ..... effected before the 1st day of March, 1970;] 14[(ix) any transfer of a capital asset, being any work of art, archaeological, scientific or art collection, book, manuscript, drawing, painting, photograph or print, to the Government or a University or the National Museum, National Art Gallery, National Archives or any such other public museum or institution as may be notified by the Central Government in the Official Gazette to be of national importance or to be of renown throughout any State or States. Explanation.-For the purposes of this clause, "University" means a University established or incorporated by or under a Central, State or Provincial Act and includes an institution declared under section 3 of the University Grants Commission Act, 1956 (3 of 1956), to be a University for the purposes of that Act;] 15[(x) any transfer by way of conversion of 16[bonds or] debentures, debenture-stock or deposit certificates in any form, of a company into shares or debentures of that company;] 29[(xa) any transfer by way of conversion of bonds referred to in clause (a) of sub-section (1) of section 115AC into shares or debentures of any company;] 43[ (xb) any transfer by way of c ..... x x x x x Extracts x x x x x Section 47 - Transactions not regarded as transfer - Income-tax Act, 1961 x x x x x Extracts x x x x x ..... any consideration or benefit, directly or indirectly, in any form or manner, other than by way of allotment of shares in the company; and (d) the aggregate of the shareholding in the company of the partners of the firm is not less than fifty per cent of the total voting power in the company and their shareholding continues to be as such for a period of five years from the date of the succession; 23[(e) the 24[demutualisation or] corporatisation of a recognised stock exchange in India is carried out in accordance with a scheme for 25[demutualisation or] corporatisation which is approved by the Securities and Exchange Board of India established under section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992);] 26[(xiiia) any transfer of a capital asset being a membership right held by a member of a recognised stock exchange in India for acquisition of shares and trading or clearing rights acquired by such member in that recognised stock exchange in accordance with a scheme for demutualisation or corporatisation which is approved by the Securities and Exchange Board of India established under section 3 of the Securities and Exchange Board of India Act, 1992 (15 of ..... x x x x x Extracts x x x x x Section 47 - Transactions not regarded as transfer - Income-tax Act, 1961 x x x x x Extracts x x x x x ..... by a company in the business carried on by it as a result of which the sole proprietary concern sells or otherwise transfers any capital asset or intangible asset to the company : Provided that- (a) all the assets and liabilities of the sole proprietary concern relating to the business immediately before the succession become the assets and liabilities of the company; (b) the shareholding of the sole proprietor in the company is not less than fifty per cent of the total voting power in the company and his shareholding continues to remain as such for a period of five years from the date of the succession; and (c) the sole proprietor does not receive any consideration or benefit, directly or indirectly, in any form or manner, other than by way of allotment of shares in the company; (xv) any transfer in a scheme for lending of any securities under an agreement or arrangement, which the assessee has entered into with the borrower of such securities and which is subject to the guidelines issued by the Securities and Exchange Board of India, established under section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992) 27[or the Reserve Bank of India constituted under s ..... x x x x x Extracts x x x x x Section 47 - Transactions not regarded as transfer - Income-tax Act, 1961 x x x x x Extracts x x x x x ..... f India Act, 1992 (15 of 1992).; (b) “consolidated plan” means the plan with which the consolidating plan merges or which is formed as a result of such merger; (c) “mutual fund” means a mutual fund specified under clause (23D) of section 10.] ******************** Notes :- 1. Omitted by the Finance Act, 1987, w.e.f. 1-4-1988. 2. Inserted by the Finance Act, 2000, w.e.f. 1-4-2001. 3. Substituted for "the Employees' Stock Option Plan or Scheme" by the Finance Act, 2001, w.e.f. 1-4-2001. 4. Inserted by the Finance Act, 1965, w.e.f. 1-4-1965. 5. Inserted by the Finance Act, 1988, w.e.f. 1-4-1988. 6. Inserted by the Finance (No. 2) Act, 1967, w.e.f. 1-4-1967. 7. Inserted by the Finance Act, 1992, w.e.f. 1-4-1993. 8. Inserted by the Finance Act, 2005, w.e.f. 1-4-2005. 9. Clauses (vib), (vic) and (vid) inserted by the Finance Act, 1999, w.e.f. 1-4-2000. 10. Substituted for "at least seventy-five per cent of the shareholders" by the Finance Act, 2000, w.e.f. 1-4-2000. 11. Inserted by the Finance Act, 1992, w.e.f. 1-6-1992. 12. Substituted for "shares" by the Finance Act, 2001, w.e.f. 1-4-2002. 13. Inserted by the Finance Act, 1970, w ..... x x x x x Extracts x x x x x Section 47 - Transactions not regarded as transfer - Income-tax Act, 1961 x x x x x Extracts x x x x x
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