Transactions not regarded as transfer
Transactions not regarded as transfer.
97a 47. Nothing contained in section 45 shall apply to the following transfers:—
( i) any distribution of capital assets on the total or partial partition of a Hindu undivided family;
( iii) any transfer of capital asset under a gist or Will or an irrevocable trust;
( iv) 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;
( a) the whole of the share capital of the subsidiary company is held by the holding company, and
( b) the holding company is an Indian company:]
1 [Provided that nothing contained in clause (iv) or clause (v) shall apply to the transfer of a capital asset made after the 29th day of February, 1988, as stock-in-trade;]
2 [(vi) any transfer, in a scheme of amalgamation, of capital asset by the amalgamating company to the amalgamated company if the amalgamated company is an Indian company;]
3 [(via) any transfer, in a scheme of amalgamation, of a capital asset being a share or shares held in an Indian company, 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 remain shareholders of the amalgamated foreign company, and
( b) such transfer does not attract tax on capital gains in the country, in which the amalgamating company is incorporated;
( vii) any transfer by a shareholder, in a scheme of amalgamation, of a capital asset being a share or shares held by him in the amalgamating company, if—
( a) the transfer is made in consideration of the allotment to him of any share or shares in the amalgamated company, and
( b) the amalgamated company is an Indian company;
4 [(viia) any transfer of a capital asset, being bonds or shares referred to in sub-section (1) of section 115AC, made outside India by a non-resident to another non-resident;]
6 [(ix) any transfer of a capital asset, being any work of art, archaeological, scientific or art collection, book manuscript, drawing, painting, photograph or print, to the Government or a University or the National Museum, National Art Gallery, National Archives or any such other public museum or institution as may be notified 7 by the Central Government in the Official Gazette to be of national importance or to be of renown throughout any State or States.
Explanation.—For the purposes of this clause, "University" means a University established or incorporated by or under a Central, State or Provincial Act and includes an institution declared under section 3 of the University Grants Commission Act, 1956 (3 of 1956), to be a University for the purposes of that Act;]