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of <h1>Non-resident to non-resident government security transfers outside India exempt from tax under Section 47(viib) of Income Tax Act.</h1> Section 47(viib) of the Income Tax Act specifies that the transfer of a capital asset, specifically a government security made outside India, by one non-resident to another is not regarded as a transfer for tax purposes. This applies when the government security, which carries periodic interest payments, is transferred through an intermediary dealing in the settlement of securities. The term 'Government Security' is defined under Section 2(b) of the Securities Contracts (Regulation) Act, 1956.
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