Section 28 - Amendment of section 47. - Finance Act, 2016

Amendment of section 47. 28. In section 47 of the Income-tax Act, with effect from the 1st day of April, 2017,- (A) after clause (viib), the following clause shall be inserted, namely:- (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; ; (B) in clause (xiiib), in the proviso,- (I) in clause (e), the word and appearing at the end shall be omitted; (II) after clause (e), the following clause shall be inserted, namely:- (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 takes place does not exceed five crore rupees; and; ; (C) after clause (xviii), the following clause shall be inserted with effect from the 1st day of April, 2017, namely:- (xix) any transfer by a unit holder of a capital asset, being a unit or units, held by him in the consolidating plan of a mutual fund scheme, made in consideration of the allotment to him of a capital asset, being a unit or units, in the consolidated plan of that scheme of the mutual fund. Explanation .-For the purposes of this clause,- (a) consolidating plan means the plan within a scheme of a mutual fund which merges under the process of consolidation of the plans within a scheme 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).; (b) consolidated plan means the plan with which the consolidating plan merges or which is formed as a result of such merger; (c) mutual fund means a mutual fund specified under clause (23D) of section 10. .