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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Act 2008 amends Section 47, exempts bonds-to-shares transfers & reverse mortgage capital asset transfers from tax.</h1> Section 47 of the Income-tax Act is amended by the Finance Act, 2008, to include two new clauses. Clause (xa) exempts from taxation the transfer of bonds into shares or debentures of a company as specified in section 115AC(1)(a). Clause (xvi) exempts the transfer of a capital asset involved in a reverse mortgage transaction under a scheme notified by the Central Government. These amendments aim to provide tax relief for specific financial transactions.
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