Exemption from Taxation of gift received U/s 56(2) - any movable property, being shares or units or interest in the resultant fund received by the fund management entity, in lieu of shares or units or interest held by the investment manager entity in the original fund, pursuant to the relocation, subject to conditions - Income-tax (Thirteenth Amendment) Rules, 2023 - Amends Rule 11UAC

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....on No. 51/2023 Dated:- 18-7-2023 Income Tax Act, 1961<br>Income Tax<br>Section 295<br>Inc.Tax Act 1961<br>MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 51/2023 New Delhi, the 18th July, 2023 G.S.R. 519(E).-In exercise of the powers conferred by clause (XI) of the proviso to clause (x) of sub-section (2) of section 56 read with section ....

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.... of the resultant fund, in lieu of shares or units or interest held by the investment manager entity in the original fund, pursuant to the relocation, subject to the following conditions, namely:- (i) not less than ninety per cent of shares or units or interest in the fund management entity of the resultant fund are held by the same entity(ies) or person(s) in the same proportion as held ....