{"act":{"id":"finance-act-2016","short_title":"The Finance Act, 2016","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2016-2017.","act_number":null,"act_year":2016,"enact_date":"2016-06-27","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":276,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2016/"},"unit":"section","section":{"number":"28","heading":"Amendment of section 47","text":"Amendment of section 47. 28. In section 47 of the Income-tax Act, with effect from the 1st day of April, 2017,— (A) | after clause (viib), the following clause shall be inserted, namely:— \"(viic) | any transfer of Sovereign Gold Bond issued by the Reserve Bank of India under the Sovereign Gold Bond Scheme, 2015, by way of redemption, by an assessee being an individual;\"; (B) | in clause (xiiib), in the proviso,— (I) | in clause (e), the word \"and\" appearing at the end shall be omitted; (II) | after clause (e), the following clause shall be inserted, namely:— \"(ea) | the total value of the assets as appearing in the books of account of the company in any of the three previous years preceding the previous year in which the conversion takes place does not exceed five crore rupees; and;\"; (C) | after clause (xviii), the following clause shall be inserted with effect from the 1st day of April, 2017, namely:— '(xix) | any transfer by a unit holder of a capital asset, being a unit or units, held by him in the consolidating plan of a mutual fund scheme, made in consideration of the allotment to him of a capital asset, being a unit or units, in the consolidated plan of that scheme of the mutual fund. Explanation.—For the purposes of this clause,— (a) | \"consolidating plan\" means the plan within a scheme of a mutual fund which merges under the process of consolidation of the plans within a scheme of mutual fund in accordance with the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992); (b) | \"consolidated plan\" means the plan with which the consolidating plan merges or which is formed as a result of such merger; (c) | \"mutual fund\" means a mutual fund specified under clause (23D) of section 10.'.","html":"<p><b>Amendment of section 47.</b></p><p><b>28.</b> In section 47 of the Income-tax Act, with effect from the 1st day of April, 2017,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>A</i>)</td><td></td><td>after clause (<i>viib</i>), the following clause shall be inserted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>\"(<i>viic</i>)</td><td></td><td>any transfer of Sovereign Gold Bond issued by the Reserve Bank of India under the Sovereign Gold Bond Scheme, 2015, by way of redemption, by an assessee being an individual;\";</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>B</i>)</td><td></td><td>in clause (<i>xiiib</i>), in the proviso,—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>I</i>)</td><td></td><td>in clause (<i>e</i>), the word \"and\" appearing at the end shall be omitted;</td></tr><tr><td>(<i>II</i>)</td><td></td><td>after clause (<i>e</i>), the following clause shall be inserted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>\"(<i>ea</i>)</td><td></td><td>the total value of the assets as appearing in the books of account of the company in any of the three previous years preceding the previous year in which the conversion takes place does not exceed five crore rupees; and;\";</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>C</i>)</td><td></td><td>after clause (<i>xviii</i>), the following clause shall be inserted with effect from the 1st day of April, 2017, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>'(<i>xix</i>)</td><td></td><td>any transfer by a unit holder of a capital asset, being a unit or units, held by him in the consolidating plan of a mutual fund scheme, made in consideration of the allotment to him of a capital asset, being a unit or units, in the consolidated plan of that scheme of the mutual fund.</td></tr><tr><td></td><td></td><td><i>Explanation</i>.—For the purposes of this clause,—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>\"consolidating plan\" means the plan within a scheme of a mutual fund which merges under the process of consolidation of the plans within a scheme of mutual fund in accordance with the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992);</td></tr><tr><td>(<i>b</i>)</td><td></td><td>\"consolidated plan\" means the plan with which the consolidating plan merges or which is formed as a result of such merger;</td></tr><tr><td>(<i>c</i>)</td><td></td><td>\"mutual fund\" means a mutual fund specified under clause (<i>23D</i>) of section 10.'.</td></tr></table></div>","words":322,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2016/section/28/","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."}