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of <h1>Amendments to Section 47: Expanded Non-Transfer Clauses for Capital Gains Tax in Finance Bill 2021</h1> Clause 15 of the Finance Bill, 2021 proposes amendments to section 47 of the Income-tax Act, which addresses transactions not considered as transfers for capital gains tax purposes. The amendments include expanding the scope of clauses (vica) and (vicb) to include transfers by a converted banking company and allotment of shares resulting from such conversions. New clauses (viiac) and (viiad) are introduced to exempt transfers during fund relocations from being considered as transfers. Definitions for 'original fund,' 'relocation,' and 'resultant fund' are also provided. These changes are effective from April 1, 2021, and April 1, 2022, respectively.
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