Report No. 12
47. Transactions not regarded as sale etc.-
For the purposes of section 45 [12B(1) main para.], the following shall not be treated as a sale, exchange, relinquishment or transfer of capital assets-
(i) any distribution of capital assets on the total or partial partition of a Hindu undivided family;
[Section 12B(1), 1st proviso part]
(ii) any transfer of a capital asset under a gift or will;
[Section 12B(1), 1st proviso part]
(iii) any transfer of a capital asset by a company to its subsidiary company if-
(a) the parent company or its nominees hold the whole of the share capital of the subsidiary company, and
(b) the subsidiary company is an Indian company and is a resident.
[Section 12B(1), 2nd proviso earlier part]
Back
