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of <h1>Amendment to Income-tax Act: Section 47 exempts gifts, wills, and trusts from tax; excludes certain stock options. Effective 2025.</h1> Clause 19 of the Finance (No. 2) Bill, 2024, proposes an amendment to section 47 of the Income-tax Act, specifically replacing clause (iii). The revised clause states that transfers of capital assets by individuals or Hindu undivided families under a gift, will, or irrevocable trust will not be considered transfers for tax purposes, and section 45 will not apply to these transactions. This change excludes specified Employees' Stock Option Plans or Schemes from this exemption. The amendment is set to take effect on April 1, 2025, impacting the assessment year 2025-2026 and beyond.
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