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of <h1>Finance Act 2018: Section 47 Amended to Tax-Exempt Certain Capital Asset Transfers by Non-Residents from April 2019</h1> Section 47 of the Income-tax Act was amended by the Finance Act, 2018, to include a new clause (viiab) effective from April 1, 2019. This clause exempts from tax any transfer of a capital asset such as a bond, Global Depository Receipt, rupee-denominated bond of an Indian company, or derivative by a non-resident on a recognized stock exchange in an International Financial Services Centre, provided the transaction consideration is in foreign currency. Definitions for 'International Financial Services Centre,' 'recognized stock exchange,' and 'derivative' are referenced from the Special Economic Zones Act, 2005, and the Securities Contracts (Regulation) Act, 1956.
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