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of <h1>Income-tax Act Section 47 Amended: New Clauses Exempt Capital Asset Transfers in Demergers from Tax Effective April 2000.</h1> Section 47 of the Income-tax Act is amended to include new clauses effective April 1, 2000. Clause (vib) exempts from tax any transfer of a capital asset in a demerger from a demerged company to a resulting Indian company. Clause (vic) covers transfers of shares in an Indian company by a demerged foreign company to a resulting foreign company, provided that 75% of shareholders remain and there is no capital gains tax in the foreign company's country. Clause (vid) exempts transfers or issues of shares by the resulting company to shareholders of the demerged company as consideration for the demerger.
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