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of <h1>Conversion of Gold to Electronic Gold Receipt Not a Transfer for Tax Purposes Under Section 47(viid)</h1> Section 47(viid) of the Income Tax Act, as amended by the Finance Act 2023, stipulates that the conversion of gold into an Electronic Gold Receipt issued by a Vault Manager, or the conversion of an Electronic Gold Receipt back into gold, is not considered a transfer of capital assets for tax purposes. The terms 'Electronic Gold Receipt' and 'Vault Manager' are defined according to the Securities and Exchange Board of India (Vault Managers) Regulations, 2021. This provision ensures that such conversions do not trigger capital gains tax implications.
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