Transactions not regarded as transfer
Transactions not regarded as transfer.
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 a capital asset under a gift 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 :]
15 [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;]
16 [(vi) any transfer, in a scheme of amalgamation, of a capital asset by the amalgamating company to the amalgamated company if the amalgamated company is an Indian company;
( 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;]
18 [(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 19 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.]
19a [(x )any transfer by way of conversion of debentures, debenture-stock or deposit certificates in any form, of a company, into shares or debentures of that company.]