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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?

Proposed Amendment to Section 47 Narrows Capital Gains Tax Exemption for Gifts Between Specific Family Structures A legal forum discussion explores an amendment to Section 47 of the Income Tax Act regarding capital gains exemptions. The amendment limits tax-exempt transfers to gifts from individuals and Hindu Undivided Families, effective April 1, 2025. A tax professional clarifies the amendment will apply to the Assessment Year 2026-27, providing guidance on the tax implications of the new provision. (AI Summary)
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