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Section 47

C ChiranjeeviRaj

Amendment of Section 47 of Income tax Act about exempted transfer for the purpose of capital gains. Only gifts by individual and HUF will be exempt. This amendment will take effect from 1st April, 2025. So clarify it is applicable from A.Y 2026-2027 or A.Y 2025-2026. If so How?

Gift exemption limited to individuals and HUFs, effective from the subsequent assessment year after the amendment. Amendment limits gift exemption under Section 47 to gifts by individuals and HUFs and is stated to take effect from 1 April 2025; the amendment is applicable for the assessment year beginning after that commencement. (AI Summary)
Income Tax
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DR.MARIAPPAN GOVINDARAJAN on Apr 12, 2025

It is applicable from AY 2026-27.

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