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of <h1>Section 47: Tax-free transfer rules - breach within specified periods converts exemption into taxable capital gains</h1> If, within specified periods after a tax-free transfer under section 47, conditions are breached, the exemption is withdrawn and the previously uncharged profits become taxable as capital gains. Specifically: conversion to stock-in-trade or loss of whole shareholding within eight years for transfers under clauses (iv)/(v); transfer within three years of shares allotted under clause (xi); or non-compliance with provisos to clauses (xiii), (xiv) or (xiiib). In such events the amounts are deemed income chargeable as capital gains in the year of the breach (or in the successor entity's year where stipulated).
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