{"act":{"id":"finance-act-2014","short_title":"The Finance Act, 2014","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2014-2015.","act_number":"25","act_year":2014,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":129,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2014/"},"unit":"section","section":{"number":"18","heading":"Amendment of section 47","text":"Amendment of section 47. 18. In section 47 of the Income-tax Act, with effect from the 1st day of April, 2015,— (a) | after clause (viia), the following shall be inserted, namely:— '(viib) | any transfer of a capital asset, being a Government Security carrying a periodic payment of interest, made outside India through an intermediary dealing in settlement of securities, by a non-resident to another non-resident. Explanation.—For the purposes of this clause, \"Government Security\" shall have the meaning assigned to it in clause (b) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956);'; (b) | after clause (xvi), the following shall be inserted, namely:— '(xvii) | any transfer of a capital asset, being share of a special purpose vehicle to a business trust in exchange of units allotted by that trust to the transferor. Explanation.—For the purposes of this clause, the expression \"special purpose vehicle\" shall have the meaning assigned to it in the Explanation to clause (23FC) of section 10.'. © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b> Amendment of section 47.</b></p><p><b> 18.</b> In section 47 of the Income-tax Act, with effect from the 1st day of April, 2015,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>after clause <i>(viia), </i>the following shall be inserted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>'(<i>viib</i>)</td><td></td><td>any transfer of a capital asset, being a Government Security carrying a periodic payment of interest, made outside India through an intermediary dealing in settlement of securities, by a non-resident to another non-resident.</td></tr><tr><td></td><td></td><td><i>Explanation</i>.—For the purposes of this clause, \"Government Security\" shall have the meaning assigned to it in clause (<i>b</i>) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956);';</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>b</i>)</td><td></td><td>after clause (<i>xvi</i>), the following shall be inserted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>'(<i>xvii</i>)</td><td></td><td>any transfer of a capital asset, being share of a special purpose vehicle to a business trust in exchange of units allotted by that trust to the transferor.</td></tr><tr><td></td><td></td><td><i>Explanation.</i>—For the purposes of this clause, the expression \"special purpose vehicle\" shall have the meaning assigned to it in the <i>Explanation </i>to clause (<i>23FC</i>) of section 10.'.</td></tr></table></div><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":172,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2014/section/18/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}