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of <h1>New Provisions in Income-tax Act: Tax Exemptions for Bond Conversions & Reverse Mortgage Transfers under Section 47</h1> Section 47 of the Income-tax Act is amended to include two new provisions. Clause (xa) exempts from taxation any transfer involving the conversion of bonds, as specified in section 115AC(1)(a), into shares or debentures. Clause (xvi) exempts from taxation the transfer of a capital asset in a reverse mortgage transaction under a scheme notified by the Central Government.
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