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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]



Income-Tax Act, 1922 Back




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