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of <h1>Income-tax Act Section 47 Amended: Tax Exemptions for Stock Exchange Membership and Sick Industrial Company Land Transfers</h1> Section 47 of the Income-tax Act is amended to include two new clauses effective from April 1, 1998. Clause (xi) exempts from tax any transfer of stock exchange membership by an individual to a company in exchange for shares before December 31, 1997. Clause (xii) exempts transfers of land by a sick industrial company, managed by a workers' cooperative, under a sanctioned scheme. This applies during the period from when the company becomes sick until its net worth equals or exceeds its accumulated losses, as defined in the Sick Industrial Companies (Special Provisions) Act, 1985.
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