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of <h1>Transfers Within Consolidating Mutual Fund Schemes Exempt from Tax Under Section 47(xviii) of Income Tax Act</h1> Section 47(xviii) of the Income Tax Act specifies that any transfer by a unit holder of a capital asset within a consolidating mutual fund scheme is not considered a transfer for tax purposes. This applies when the transfer is made in exchange for the allotment of units within the same consolidating scheme. The consolidation must involve either two or more equity-oriented fund schemes or two or more non-equity-oriented fund schemes.
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