Amendment of section 47.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Central Government in this behalf,"; (B) in the long line, after the words "made by a non-resident", the words "or a specified fund" shall be inserted; (C) in the Explanation, after clause (c), the following clauses shall be inserted, namely:- (d) "securities" shall have the meaning assigned to it in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956); (e....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... (g) "unit" means beneficial interest of an investor in the fund and shall include shares or partnership interests; (h) "convertible foreign exchange" means foreign exchange which is for the time being treated by the Reserve Bank of India as convertible foreign exchange for the purposes of the Foreign Exchange Management Act, 1999 (42 of 1999) and the rules made thereunder;'. Note: While Pass....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....x x x x x x x (f) x x x x x x x x x (g) x x x x x x x x x (h) x x x x x x x x x - Clause 17 of the Bill seeks to amend section 47 of the Incometax Act relating to transactions not regarded as transfer. The provisions of the said section provide that any transfer of a capital asset, being bonds or Global Depository Receipts referred to in sub-section (1) of section 115AC or rupee deno....