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of <h1>Income-tax Act Section 47 Amended: New Clauses Exempt Certain Transfers During Amalgamation from Tax If Company is Indian.</h1> In the Income-tax Act, Section 47 has been amended to include two new clauses. Clause (vi) exempts from tax any transfer of a capital asset by an amalgamating company to an amalgamated company during a scheme of amalgamation, provided the amalgamated company is Indian. Clause (vii) exempts shareholders from tax on the transfer of shares in an amalgamating company, if the transfer is made in exchange for shares in the amalgamated company, and the latter is an Indian company.
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