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of <h1>Transfer of Land by Sick Industrial Companies to Workers' Cooperative Exempt from Capital Gains Tax Under Section 47(xii)</h1> Section 47(xii) of the Income Tax Act specifies that the transfer of land by a sick industrial company, managed by its workers' cooperative, is not considered a transfer for capital gains tax purposes. This applies if the transfer is made under a scheme sanctioned by the Sick Industrial Companies Act, 1985, and occurs between the year the company is declared sick and the year its net worth equals or exceeds its accumulated losses. The period of holding by the previous owner is not considered, provided the company meets all specified conditions.
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