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of <h1>Finance Bill 2023 amends Section 47: Extends asset transfer deadline, adds non-transfer clause for gold conversions.</h1> Clause 21 of the Finance Bill, 2023 proposes amendments to section 47 of the Income-tax Act concerning transactions not regarded as transfers. It extends the deadline for asset transfers in fund relocations from March 31, 2023, to March 31, 2025, and includes references to the International Financial Services Centres Authority (Fund Management) Regulations, 2022. Additionally, a new clause (viid) is introduced, treating the conversion of gold into Electronic Gold Receipts and vice versa as non-transfer events. These amendments are effective from April 1, 2023, and April 1, 2024, respectively, impacting assessment years 2023-2024 and 2024-2025.
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