Definition of property includes rights in an Indian company; transfer broadened to cover disposing, creating or parting with asset interests.

The statutory definition of property is clarified to include any rights in or in relation to an Indian company, including rights of management or control; the definition of transfer is broadened to encompass disposing of, parting with, or creating any interest in an asset in any manner, directly or indirectly, by agreement or otherwise. Additional textual amendments add a Director of Income-tax for certain references, modify a demerger valuation rule to except cases where the resulting company is a shareholder, and treat excess consideration on share issue over fair market value as captured consideration.

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