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Amendment of section 47 (WIDENING AND DEEPENING OF TAX BASE AND ANTI-AVOIDANCE)
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....nder 'Capital Gains' under section 45. 2. Clause (iii) of section 47 provides that nothing contained in section 45 shall apply to any transfer of a capital asset under a gift or will or an irrevocable trust. The first proviso to the said clause makes an exception to the clause in respect of specified ESOPs. 3. With the insertion of section 50D in the Act in the Finance Act, 2012, providing for t....