TMI BlogComplete list of certain transactions not regarded as Transfer - Section 47X X X X Extracts X X X X X X X X Extracts X X X X ..... sixth proviso to section 48 FMV on the date of transfer (date of GIFT or irrevocable trust) shall be treated as FVOC of such shares, debentures or warrants. Section 47(iv) - Transfer of capital assets by holding to 100% subsidiary if subsidiary is Indian Company Section 47(v) - Transfer of capital assets by 100% subsidiary to holding, if holding is Indian Company Transfer Under Amalgamation : Section 47(vi) - Transfer in scheme of amalgamation if amalgamated company is Indian Section 47(via) (viab) - Transfer of Shares in Indian Co. or Shares of Foreign Company (FC) which derive its value from share of Indian Co. by Amalgamating Foreign Company to Amalgamated Foreign Company (FC). Note: a) If atleast 25% of shareholders of Amalgamating Fore ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nds or GDR referred to in Section 115AC b) Derivative c) RDB of Indian Co. d) Such other securities as may be notified by Central Government [ Notification No : 16/2020 ] - Foreign currency denominated bond - Foreign currency denominated equity share of a company - Units of a Mutual Fund - Units of a Business Trust - Units of Alternative Investment Fund - Bullion Depositary Receipt by NR on a Recognised Stock Exchange located in any IFSC where the consideration is paid or payable in foreign currency. Conversion of Entities : Section 47(xiv) - Conversion of Sole proprietor into company, following conditions to be fulfilled :- a) All assets liabilities transfer to Company. b) Sole proprietor become shareholder c) Consideration to Sole proprie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oportion of their shareholding. c) Consideration to shareholders will be share in profit capital. d) Total Profit Sharing Ratio in LLP of shareholder should be atleast 50% during 5 years from the date of conversion. e) No Amount is paid directly/indirectly to an partner from accumulated profit balance standing on conversion date for 3 years from date of conversion. f) Total turnover or gross receipts of company should be upto ₹60 Lakhs in last 3 FY preceding the year of conversion. g) Total Assets of company should be upto ₹5 Crore in 3 FY preceding the PY of conversion. Section 47A(3) (4) : Violation of above conditions: If any condition of Section 47(xiii)/(47(xiv)/47(xiiib) is violated, the exemption claimed by the proprietor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hysical gold and consequently, reduce the foreign exchange outflow due to import gold . The two-fold benefit or this scheme are: The gold Bond would serve as a subsitute for physical gold and The gold bond would provide security to the individual investor investing in gold for meeting their social obligation. Vault Manager - Any person who carries on or intends to carry on the business of providing vaulting services. Vaulting services - In relation to gold means the storage and safekeeping of gold deposited with the vault manager, by the depositor for the purpose of trading in electronic gold receipt and providing services incidental thereto, and includes (i) utilizing the services of assayer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in a business reorganisation, if the transfer is made in consideration of the allotment to him of any share or shares in the successor co-operative bank or to the converted banking company. Section 47(viiac) - Any transfer, in a relocation of a capital asset by the original fund to the resulting fund. Section 47(viiad) - Any transfer by a shareholder or unit holder or interest holder, in a relocation, of a capital asset being a share or unit or interest held by him in the original fund in consideration for the share or unit or interest in the resultant fund. Section 47(viiae) - any transfer of capital asset by India Infrastructure Finance Company Limited to an institution established for financing the infrastructure and development, set up ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
