# The Finance Act, 2003, Section 30: Amendment of section 47

- Act: The Finance Act, 2003
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2003/section/30/

## Text

Amendment of section 47. 30. In section 47 of the Income-tax Act, with effect from the 1st day of April, 2004,— (a ) in clause (xiii), for the word "corporatisation", wherever it occurs, the words "demutualisation or corporatisation" shall be substituted; (b ) after clause (xiii), the following clause shall be inserted, namely:— "(xiiia) any transfer of a capital asset being a membership right held by a member of a recognised stock exchange in India for acquisition of shares and trading or clearing rights acquired by such member in that recognised stock exchange in accordance with a scheme for demutualisation or corporatisation which is approved by the Securities and Exchange Board of India estab­lished under section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992);". © Copyright. Taxmann Publications Pvt. Ltd.

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