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Amendment of section 47

Section 14 - Act - DIRECT TAXES - Income-tax - Finance Act - Section 14 - 14. In section 47 of the Income-tax Act, with effect from the 1st day of April, 2016,- (a) after clause (viaa), the following clause shall be inserted, namely:- (viab) any tran .....

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r shares of an Indian company, held 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 amalgama .....

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merger, 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 compan .....

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ompany; 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 ca .....

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al fund, made in consideration of the allotment to him of a capital asset, being a unit or units, in the consolidated scheme of the mutual fund: Provided that the consolidation is of two or more schemes of equity oriented fund or of two or more schem .....

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