Amalgamation transfer exclusion protects continuity of cost and holding period when shares move to a domestic amalgamated company. Section 47(vii) provides that a shareholder's transfer of shares in an amalgamating company under a scheme of amalgamation to a domestic amalgamated company is not regarded as a transfer for capital gains; the transferee takes the shares at the transferor's cost of acquisition and the previous owner's period of holding is counted for the transferee.