Any transfer of a capital asset, being any work of art, book, drawing, painting and photograph to the Govt. - (New) 70(1)(zc) / (Old) Section 47(ix)

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....e Income Tax Act, 2025 [ From 01.04.2026 ] Section Transaction not regarded as transfer Transferor Transferee Capital asset 70(1)(zc) Transfer of a capital asset to- • (i) the Government; or • (ii) a University; or • (iii) the National Museum, National Art Gallery or National Archives; or • (iv) such other public muse....

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....rated by or under a Central Act or State Act or Provincial Act and includes an institution declared under section 3 of the University Grants Commission Act, 1956 to be a University for the purposes of that Act. Under Section 47(ix) of the Income Tax Act, 1961 [ Upto 31.03.2026 ] Section Transaction not regarded as transfer Transferor u/s 2(47) Transferee u/s 2(47....