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of <h1>Income-tax Act Section 47A amended: New rules for share transfers within three years, impacting capital gains. Effective April 1, 1998.</h1> Section 47A of the Income-tax Act is amended by renumbering it as sub-section (1) and adding a new sub-section (2), effective April 1, 1998. This new provision states that if any shares allotted to a transferor in exchange for membership in a recognized stock exchange are transferred within three years from the date of transfer of a capital asset, the profits and gains not initially charged under section 45 will be deemed as income chargeable under 'Capital gains' for the year in which the shares are transferred, overriding clause (xi) of section 47.
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