TaxTMI 
TaxTMI 
Transactions not regarded as transfer
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....ary, 1988, as stock-in-trade;] ^6[(vi) any transfer, in a scheme of amalgamation, of a capital asset by the amalgamating company to the amalgamated company if the amalgamated company is an Indian company;] ^7[(via) any transfer, in a scheme of amalgamation, of a capital asset being a share or shares held in an Indian company, by the amalgamating foreign company to the amalgamated foreign company, if- (a) at least twenty-five per cent of the shareholders of the amalgamating foreign company continue to remain shareholders of the amalgamated foreign company, and (b) such transfer does not attract tax on capital gains in the country, in which the amalgamating company is incorporated;] ^8[(viaa) any transfer, in a scheme of amalgamation of a banking company with a banking institution sanctioned and brought into force by the Central Government under sub-section (7) of section 45 of the Banking Regulation Act, 1949 (10 of 1949), of a capital asset by the banking company to the banking institution. Explanation.-For the purposes of this clause,- (i) "banking company" shall have the same meaning assigned to it in clause (c) of se....
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....re-organisation", "converted banking company", "predecessor co-operative bank" and] "successor co-operative bank" shall have the meanings respectively assigned to them in section 44DB;] ^36[(vicc) any transfer in a demerger, of a capital asset, being a share of a foreign company, referred to in the Explanation 5 to clause (i) of sub-section (1) of section 9, which derives, directly or indirectly, its value substantially from the share or shares of an Indian company, held by the demerged foreign company to the resulting foreign company, if- (a) the shareholders, holding not less than three-fourths in value of the shares of the demerged foreign company, continue to remain shareholders of the resulting foreign company; and (b) such transfer does not attract tax on capital gains in the country in which the demerged foreign company is incorporated: Provided that the provisions of sections 391 to 394 of the Companies Act, 1956 (1 of 1956) shall not apply in case of demergers referred to in this clause;] (vid) any transfer or issue of shares by the resulting company, in a scheme of demerger to the shareholders of the demerged company if the tra....
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....or interest held by him in the original fund in consideration for the share or unit or interest in the resultant fund; Explanation.-- For the purposes of clauses (viiac) and (viiad),-- ^51[(a) "original fund" means- (A) a fund established or incorporated or registered outside India, which collects funds from its members for investing it for their benefit and fulfils the following conditions, namely:- (i) the fund is not a person resident in India; (ii) the fund is a resident of a country or a specified territory with which an agreement referred to in sub-section (1) of section 90 or sub-section (1) of section 90A has been entered into; or is established or incorporated or registered in a country or a specified territory as may be notified by the Central Government in this behalf; (iii) the fund and its activities are subject to applicable investor protection regulations in the country or specified territory where it is established or incorporated or is a resident; and (iv) fulfils such other conditions as may be prescribed; (B) an investment vehicle, in which Abu Dhabi Investment Authority is the direct or indi....
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....plan approved by the Central Government, by a public sector company to another public sector company notified by the Central Government for the purposes of this clause or to the Central Government or to a State Government;] ^33[(viib) any transfer of a capital asset, being a Government Security carrying a periodic payment of interest, made outside India through an intermediary dealing in settlement of securities, by a non-resident to another non-resident. Explanation.-For the purposes of this clause, "Government Security" shall have the meaning assigned to it in clause (b) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956);] ^38[(viic) any transfer of Sovereign Gold Bond issued by the Reserve Bank of India under the Sovereign Gold Bond Scheme, 2015, by way of redemption, by an assessee being an individual;] ^54[(viid) any transfer of a capital asset, being conversion of gold into Electronic Gold Receipt issued by a Vault Manager, or conversion of Electronic Gold Receipt into gold. Explanation.-For the purposes of this clause, the expressions "Electronic Gold Receipt" and "Vault Manager" shall have the meanings r....
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....such sick industrial company is being managed by its workers' co-operative : Provided that such transfer is made during the period commencing from the previous year in which the said company has become a sick industrial company under sub-section (1) of section 17 of that Act and ending with the previous year during which the entire net worth of such company becomes equal to or exceeds the accumulated losses. Explanation.-For the purposes of this clause, "net worth" shall have the meaning assigned to it in clause (ga) of sub-section (1) of section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985 (1 of 1986);] ^19[(xiii) ^20[any transfer of a capital asset or intangible asset by a firm to a company as a result of succession of the firm by a company in the business carried on by the firm, or any transfer of a capital asset to a company in the course of ^21[demutualisation or] corporatisation of a recognised stock exchange in India as a result of which an association of persons or body of individuals is succeeded by such company :] Provided that- (a) all the assets and liabilities of the firm ^22[or of the association of....
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.... shareholders of the company immediately before the conversion become the partners of the limited liability partnership and their capital contribution and profit sharing ratio in the limited liability partnership are in the same proportion as their shareholding in the company on the date of conversion; (c) the shareholders of the company do not receive any consideration or benefit, directly or indirectly, in any form or manner, other than by way of share in profit and capital contribution in the limited liability partnership; (d) the aggregate of the profit sharing ratio of the shareholders of the company in the limited liability partnership shall not be less than fifty per cent. at any time during the period of five years from the date of conversion; (e) the total sales, turnover or gross receipts in the business of the company in any of the three previous years preceding the previous year in which the conversion takes place does not exceed sixty lakh rupees; ^39[****] ^40[(ea) the total value of the assets as appearing in the books of account of the company in any of the three previous years preceding the previous year in which the conversion t....
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....nation to clause (23FC) of section 10.] ^37[(xviii) any transfer by a unit holder of a capital asset, being a unit or units, held by him in the consolidating scheme of a mutual fund, made in consideration of the allotment to him of a capital asset, being a unit or units, in the consolidated scheme of the mutual fund: Provided that the consolidation is of two or more schemes of equity oriented fund or of two or more schemes of a fund other than equity oriented fund. Explanation.- For the purposes of this clause,- (a) "consolidated scheme" means the scheme with which the consolidating scheme merges or which is formed as a result of such merger; (b) "consolidating scheme" means the scheme of a mutual fund which merges under the process of consolidation of the schemes of mutual fund in accordance with the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992); (c) "equity oriented fund" shall have the meaning assigned to it in clause (38) of section 10; (d) "mutual fund" means a mutual fund specified under clause (23D) of section 1....
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....t, 1999 w.e.f. 01-04-2000 10. Substituted vide Section 21 of the Finance Act, 2000 w.e.f. 01-04-2000 before it was read as, "at least seventy-five per cent of the shareholders" 11. Inserted vide Section 23 of the Finance Act, 1992 w.e.f. 01-06-1992 12. Substituted vide Section 29 of the Finance Act, 2001 w.e.f. 01-04-2002 before it was read as, "shares" 13. Inserted vide Section 11 of the Finance Act, 1970 w.e.f. 01-04-1970 14. Inserted vide Section 11 of the Finance Act, 1976 w.e.f. 01-04-1977 15. Inserted vide Section 18 of the Finance (No. 2) Act, 1991 w.e.f. 01-04-1962 16. Inserted vide Section 23 of the Finance Act, 1992 w.e.f. 01-04-1962 17. Inserted vide Section 16 of the Finance Act, 1997 w.e.f. 01-04-1998 18. Substituted vide Section 21 of the Finance (No. 2) Act, 1998 w.e.f. 01-04-1998 before it was read as, "1997" 19. Inserted vide Section 21 of the Finance (No. 2) Act, 1998 w.e.f. 01-04-1999 20. Substituted vide Section 29 of the Finance Act, 2001 w.e.f. 01-04-2002 before it was read as, "where a firm is s....
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....ve," 46. Inserted vide Section 17 of the Finance (No. 2) Act, 2019 w.e.f. 01-04-2020 47. Inserted vide Section 17 of the Finance Act, 2021 w.e.f. 01-04-2021 48. Inserted vide Section 17 of the Finance Act, 2021 w.e.f. 01-04-2021 49. Substituted vide Section 17 of the Finance Act, 2021 w.e.f. 01-04-2021 before it was read as, "expressions "business reorganisation", "predecessor co-operative bank" and" 50. Inserted vide Section 17 of the Finance Act, 2021 w.e.f. 01-04-2022 51. Substituted vide Section 21 of the Finance Act, 2023 w.e.f. 01-04-2023 before it was read as, "(a) "original fund" means a fund established or incorporated or registered outside India, which collects funds from its members for investing it for their benefit and fulfils the following conditions, namely:- (i) the fund is not a person resident in India; (ii) the fund is a resident of a country or a specified territory with which an agreement referred to in sub-section (1) of section 90 or sub-section (1) of section 90A has been entered into; or is established or incorporated or registered in a country or a specified territ....