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of <h1>Finance Bill 2014: Amendments to Income-tax Act Section 47 on Government Securities and Business Trusts Explained</h1> Clause 18 of the Finance (No. 2) Bill, 2014 amends section 47 of the Income-tax Act, effective April 1, 2015. It introduces clause (viib), stating that transfers of Government Securities with periodic interest, made outside India between non-residents through intermediaries, are not considered transfers for capital gains tax purposes. Clause (xvii) is also added, specifying that transferring shares of a special purpose vehicle to a business trust in exchange for units is not regarded as a transfer under section 45. These changes apply from the assessment year 2015-16 onward.
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