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Amendment of section 47.

Clause 23 - Bills - DIRECT TAXES - Income-tax - FINANCE BILL, 2017 - Clause 23 - 23. In section 47 of the Income-tax Act, with effect from the 1st day of April, 2018,- (a) after clause (viia), the following clause shall be inserted, namely:- (viiaa) .....

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transfer by way of conversion of preference shares of a company into equity shares of that company; . Clause 23 of the Bill seeks to amend section 47 of the Income-tax Act relating to transactions not regarded as transfer. The said section provides .....

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osit certificates in any form, of a company into shares or debentures of that company is not regarded as transfer. It is proposed to insert a new clause (viiaa) in section 47 so as to provide that any transfer made outside India of a capital asset be .....

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