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of <h1>Finance Act 2015 amends Section 47, introducing tax exemptions for specific transfers in amalgamations, demergers, and mutual fund consolidations.</h1> Section 47 of the Income-tax Act was amended by the Finance Act, 2015, effective April 1, 2016. The amendment introduces new clauses exempting certain transfers from capital gains tax. Clause (viab) exempts transfers of shares in a foreign company during an amalgamation if specific shareholder and tax conditions are met. Clause (vicc) exempts transfers in a demerger under similar conditions, excluding the applicability of sections 391 to 394 of the Companies Act, 1956. Clause (xviii) exempts transfers of mutual fund units during the consolidation of schemes, provided the consolidation involves equity or non-equity oriented funds.
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