Clause 23 - Amendment of section 47. - Finance Bill, 2017

Amendment of section 47. 23. In section 47 of the Income-tax Act, with effect from the 1st day of April, 2018,- (a) after clause (viia), the following clause shall be inserted, namely:- (viiaa) any transfer, made outside India, of a capital asset being rupee denominated bond of an Indian company issued outside India, by a non-resident to another non-resident; ; (b) after clause (xa), the following clause shall be inserted, namely:- (xb) any transfer by way of conversion of preference shares of a company into equity shares of that company; .