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of <h1>Section 47(viiaa) exempts non-resident transfers of rupee bonds from capital gains tax, easing international transactions.</h1> Section 47(viiaa) of the Income Tax Act specifies that the transfer of a rupee-denominated bond of an Indian company, issued outside India, from one non-resident to another non-resident, is not considered a transfer for capital gains tax purposes. This provision exempts such transactions from being taxed as capital gains, facilitating easier transfer of these bonds between non-residents without tax implications under Indian law.
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