Section 21 - Amendment of section 47 - Finance Act, 2000

21. Amendment of section 47 In section 47 of the Income-tax Act,- (a) after clause (iii), the following proviso shall be inserted with effect from the 1st day of April, 2001, namely :- Provided that this clause shall not apply to transfer under a gift or an irrevocable trust of a capital asset being shares, debentures or warrants allotted by a company directly or indirectly to its employees under the Employees Stock Option Plan or Scheme. ; (b) in clause (vic), in sub-clause (a), for the words at least seventy-five per cent of the shareholders , the words the shareholders holding not less than three-fourths in value of the shares shall be substituted.