Section 47(vicc) - Transfer of capital assets in a demerger, being a share of a foreign company - Income Tax - Ready Reckoner - Income Tax

Section 47(vicc) :- Transfer of capital assets in a demerger, being a share of a foreign company Section Transaction not regarded as transfer 47(vicc) (Applicable from AY 2016-17) Transfer of capital assets in a demerger, being a share of a foreign company, referred to in Explanation 5 to section 9(1)(i) , which derives, directly or indirectly, its value substantially from the share or shares of an Indian company, held by the demerged foreign company to the resulting foreign company if: Persons holding at least 75% (in value) shares in the demerged foreign company should become shareholders in the resulting foreign company; The above transaction does not attract tax on capital gains in the country, in which the demerged company is incorporated and Provided that provisions of section 230 to 232 of Companies Act, 2013 shall not apply in the case of demerger referred in this clause