Section 30 - Amendment of section 47 - Finance Act, 2003

30. Amendment of section 47.- In section 47 of the Income-tax Act, with effect from the 1st day of April, 2004,- (a) in clause (xiii) , for the word "corporatisation", wherever it occurs, the words "demutualisation or corporatisation" shall be substituted; (b) after clause (xiii) , the following clause shall be inserted, namely:- "(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 1992) ;".