# The Finance Act, 2000, Section 21: Amendment of section 47

- Act: The Finance Act, 2000
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2000/section/21/

## Text

Amendment of section 47. 21. In section 47 of the Income-tax Act,— (a) after clause (iii), the following proviso shall be inserted with effect from the 1st day of April, 2001, namely:— "Provided that this clause shall not apply to transfer under a gift or an irrevocable trust of a capital asset being shares, debentures or warrants allotted by a company directly or indi­rectly to its employees under the Employees’ Stock Option Plan or Scheme."; (b) in clause (vic), in sub-clause (a), for the words "at least seventy-five per cent of the shareholders", the words "the shareholders holding not less than three-fourths in value of the shares" shall be substituted. © Copyright. Taxmann Publications Pvt. Ltd.

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