9911796707
TMI BlogAmendment of section 47.X X X X Extracts X X X X X X X X Extracts X X X X ..... e Central Government in this behalf,"; (B) in the long line, after the words "made by a non-resident", the words "or a specified fund" shall be inserted; (C) in the Explanation, after clause (c), the following clauses shall be inserted, namely:- (d) "securities" shall have the meaning assigned to it in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956); ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (g) "unit" means beneficial interest of an investor in the fund and shall include shares or partnership interests; (h) "convertible foreign exchange" means foreign exchange which is for the time being treated by the Reserve Bank of India as convertible foreign exchange for the purposes of the Foreign Exchange Management Act, 1999 (42 of 1999) and the rules made thereunder;'. Note: While Pas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... x x x x x x x (f) x x x x x x x x x (g) x x x x x x x x x (h) x x x x x x x x x - Clause 17 of the Bill seeks to amend section 47 of the Incometax Act relating to transactions not regarded as transfer. The provisions of the said section provide that any transfer of a capital asset, being bonds or Global Depository Receipts referred to in sub-section (1) of section 115AC or rupee den ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... provide that transfer, at a recognised stock exchange located in any International Financial Services Centre, of such other securities as may be notified by the Central Government in this behalf, shall not be regarded as transfer in the hands of a non-resident or a specified fund. It is also proposed to insert the definitions of the expressions "securities", "specified fund", "trust", "unit" and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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