Amendment of section 47.

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..... re of a foreign company, referred to in Explanation 5 to clause (i) of sub-section (1) of section 9, which derives, directly or indirectly, its value substantially from the share or shares of an Indian company, held by the amalgamating foreign company to the amalgamated foreign company, if- (A) at least twenty-five per cent. of the shareholders of the amalgamating foreign company continue to rema .....

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..... such transfer does not attract tax on capital gains in the country in which the demerged foreign company is incorporated: Provided that the provisions of sections 391 to 394 of the Companies Act, 1956 (1 of 1956.) shall not apply in case of demergers referred to in this clause;"; (c) after clause (xvii), the following clause shall be inserted, namely:- '(xviii) any transfer by a unit holder of .....

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..... ch the consolidating scheme merges or which is formed as a result of such merger; (c) "equity oriented fund" shall have the meaning assigned to it in clause (38) of section 10; (d) "mutual fund" means a mutual fund specified under clause (23D) of clause 10.'. - Clause 13 of the Bill seeks to amend section 47 of the Income tax Act relating to transactions not regarded as transfer. The existing .....

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..... d section, namely:- (i) any transfer, in a scheme of amalgamation, of a capital asset, being a share of a foreign company, referred to in Explanation 5 to clause(i) of sub-section (1) of section 9, which derives, directly or indirectly, its value substantially from the share or shares of an Indian company, held by the amalgamating foreign company to the amalgamated foreign company, subject to con .....

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..... lidation of the schemes 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. Provided, the consolidation is of two or more schemes of equity oriented fund or of two or more schemes of a fund other than equity oriented fund. It is further proposed to define the terms "consolidat .....

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