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of <h1>Transfer Under Gift, Will, or Trust Not a Taxable Event per Section 47(iii) of Income Tax Act</h1> Section 47(iii) of the Income Tax Act specifies that the transfer of a capital asset under a gift, will, or irrevocable trust is not considered a transfer for tax purposes. This applies to any capital asset except shares, debentures, or warrants allotted under an ESOP. The cost to the transferee is based on the cost to the previous owner, and the holding period includes that of the previous owner. An exception exists for employees who receive shares, debentures, or warrants under a notified ESOP and gift them; such transactions are considered transfers, with the sale consideration being the market value at the time of the gift.
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