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of <h1>Redemption of Sovereign Gold Bonds under Section 47(viic) is exempt from capital gains tax for individuals.</h1> Section 47(viic) of the Income Tax Act specifies that the transfer of Sovereign Gold Bonds issued by the Reserve Bank of India, when redeemed, is not considered a transfer for capital gains tax purposes. This provision applies to individuals holding these bonds, and the transaction is not recognized as a transfer under sections 2(47) and 2(14) of the Income Tax Act. Consequently, such redemption does not attract capital gains tax, providing a tax-efficient mechanism for individuals dealing with Sovereign Gold Bonds under the Sovereign Gold Bond Scheme, 2015.
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