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of <h1>Income-tax Act Section 47 Amended: Exempts Sovereign Gold Bonds and Mutual Fund Transfers from Taxation, Sets Asset Value Limit.</h1> Section 47 of the Income-tax Act is amended effective April 1, 2017. A new clause (viic) exempts the transfer of Sovereign Gold Bonds, issued by the Reserve Bank of India, from taxation when redeemed by an individual. Clause (xiiib) is modified to include a provision that the total asset value in a company's books should not exceed five crore rupees in the three years preceding a conversion. Clause (xix) exempts mutual fund unit transfers during plan consolidations from taxation, defining 'consolidating' and 'consolidated' plans under the Securities and Exchange Board of India regulations.
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