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of <h1>New Rule 21AL: Conditions for Capital Gains Exemption on Transfers to Category III AIFs u/s 47(viiad.</h1> The Central Board of Direct Taxes issued the Income-tax (21st Amendment) Rules, 2022, effective from its publication date in the Official Gazette. This amendment introduces Rule 21AL to the Income-tax Rules, 1962, detailing conditions for capital gains exemption under section 47(viiad) of the Income-tax Act, 1961. Specifically, when a capital asset is transferred to a Category III Alternative Investment Fund, the original fund must ensure that participation or investment by Indian residents does not exceed five percent of the fund's corpus at the transfer time. Definitions for 'original fund' and 'resultant fund' are provided in section 47.
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