Definition changes for taxable assets clarify exclusion of goodwill and expand scope to include certain insurance policies and debt funds.

Amendments narrow an intangible-assets definition by excluding goodwill, capture certain unit linked insurance policies where an exemption does not apply, deem reconstruction or splitting up of a public sector company that transfers assets to a resulting company to be a demerger if the resulting company is a public sector company and meets notified conditions, expand "liable to tax" to include persons subsequently exempted under foreign law, reference a statutory definition of "transfer," and add notified infrastructure debt funds to qualifying fund categories.

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