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of <h1>Amalgamation Asset Transfers Exempt from Capital Gains Tax Under Section 47(vi) When Involving Indian Companies</h1> Section 47(vi) of the Income Tax Act specifies that the transfer of a capital asset from an amalgamating company to an amalgamated company during a scheme of amalgamation is not considered a transfer, provided the amalgamated company is an Indian company. The cost of the asset for the transferee is the same as it was for the previous owner, and the period of holding includes the time held by the previous owner. This provision ensures that such transactions are not subject to capital gains tax under specified conditions.
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