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of <h1>Finance Bill 2016 Amends Section 47: Tax Exemptions for Sovereign Gold Bonds, LLP Conversions, and Mutual Fund Consolidations</h1> Clause 28 of the Finance Bill, 2016 amends section 47 of the Income-tax Act, effective April 1, 2017. It introduces clause (viic), exempting the redemption of Sovereign Gold Bonds by individuals from being considered a transfer. Clause (ea) is added to clause (xiiib), setting a condition that a company's asset value must not exceed five crore rupees in the three years prior to conversion to a Limited Liability Partnership. Clause (xix) exempts transfers of mutual fund units during consolidation from being considered transfers for tax purposes, with definitions provided for relevant terms. These amendments apply from the 2017-2018 assessment year onward.
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