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of <h1>Section 47(xv) exempts certain securities lending transactions from capital gains tax if compliant with SEBI and RBI guidelines.</h1> Section 47(xv) of the Income Tax Act addresses transactions in a scheme for lending securities, which are not considered transfers for capital gains purposes. This provision applies when an agreement or arrangement is made between the lender and borrower of securities, adhering to guidelines from the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI). Both the transferor and transferee can be any person, and the capital asset involved is securities as per SEBI and RBI guidelines. The cost in the hands of the transferee is the value at which the transfer takes place.
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