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of <h1>Capital Asset Transfer Exemption for Joint Ventures Under Section 47(xx) of Income Tax Act Explained</h1> Section 47(xx) of the Income Tax Act specifies that the transfer of a capital asset, specifically an interest in a joint venture held by a public sector company, is not considered a transfer if it is exchanged for shares of a company incorporated outside India by a foreign government, in accordance with that foreign state's laws. The term 'joint venture' refers to a business entity as notified by the Central Government in the Official Gazette. This provision was introduced by the Finance Act 2023.
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