Exemption from Capital Gains u/s 47(viiad)- Other Conditions required to be fulfilled by the original fund - New Rule 27AL - Income-tax (21st Amendment) Rules, 2022 - 80/2022 - Income Tax Act, 1961
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Capital gains exemption condition: resident participation cap for original funds on transfers to Category III AIFs affects eligibility. A new rule requires that, to qualify for the capital gains exemption when a capital asset is transferred from an original fund to a resultant fund that is a Category III Alternative Investment Fund, the aggregate participation or investment in the original fund by persons resident in India must not exceed a specified small proportion of the fund's corpus at the time of transfer; the terms original fund and resultant fund are as defined in the Explanation to section 47.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Capital gains exemption condition: resident participation cap for original funds on transfers to Category III AIFs affects eligibility.
A new rule requires that, to qualify for the capital gains exemption when a capital asset is transferred from an original fund to a resultant fund that is a Category III Alternative Investment Fund, the aggregate participation or investment in the original fund by persons resident in India must not exceed a specified small proportion of the fund's corpus at the time of transfer; the terms original fund and resultant fund are as defined in the Explanation to section 47.
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