Clause 21 - Amendment of section 47. - Finance Bill, 2023

Amendment of section 47. 21. In section 47 of the Income-tax Act, (a) in clause (viiad), in the Explanation, (i) in clause (b), for the figures 2023 , the figures 2025 shall be substituted; (ii) in clause (c), in sub-clause (i), after the words and figures Securities and Exchange Board of India Act, 1992 (15 of 1992.) or , the words, brackets and figures regulated under the International Financial Services Centres Authority (Fund Management) Regulations, 2022, made under the shall be inserted; (b) after clause (viic), the following clause shall be inserted with effect from the 1st day of April, 2024, namely: (viid) any transfer of a capital asset, being conversion of gold into Electronic Gold Receipt issued by a Vault Manager, or conversion of Electronic Gold Receipt into gold. Explanation.-For the purposes of this clause, the expressions Electronic Gold Receipt and Vault Manager shall have the meanings respectively assigned to them in clauses (h) and (l) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Vault Managers) Regulations, 2021 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992.).