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11. Amendment of section 47. |
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In section 47 of the Income-tax Act,
(a) after clause (x), the following clause shall be inserted, namely:
"(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;";
(b) after clause (xv), the following clause shall be inserted, namely:
"(xvi) any transfer of a capital asset in a transaction of reverse mortgage under a scheme made and notified by the Central Government.".
Clause 11 seeks to amend section 47 of the Income-tax Act, which lists transactions not regarded as transfer.
It is proposed to insert a new clause (xa) to provide that 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 shall not be considered as transfer.
Further, a new clause (xvi) is also proposed to be inserted in the said section so as to add to the list, any transfer of a capital asset in a transaction of reverse mortgage under a scheme made and notified by the Central Government.
These amendments will take effect from 1st April, 2008 and will accordingly apply in relation to the assessment year 2008-09 and subsequent assessment years.
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