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of <h1>Government exempts NLC India asset transfer to NLC India Renewables from tax u/s 47(viiaf) of Income-tax Act.</h1> The Central Government has issued a notification under clause (viiaf) of section 47 of the Income-tax Act, 1961, stating that the transfer of a capital asset from NLC India Limited to NLC India Renewables Ltd is not regarded as a transfer for tax purposes. This transfer, involving two public sector companies, was approved by the government on August 1, 2024. The notification, identified as No. 122/2024, was published on November 27, 2024, and takes effect from the date of its publication in the Official Gazette.
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