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Section28
The Finance Act, 2016

Amendment of section 47

In force As on 10 Oct 2026

Ministry Finance Enacted 27 Jun 2016 Cited by 4 provisions

Section 28 of the Finance Act, 2016 deals with amendment of section 47. 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 The Act was enacted on 27 Jun 2016.

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.'.
Section 28, The Finance Act, 2016.

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

  1. s. 10 Amendment of section 24
  2. s. 47 Amendment of section 92CA
  3. Income-tax Act s. 47 Transactions not regarded as transfer

Referred to by 4

  1. s. 12 Amendment of section 28
  2. s. 27 Insertion of new section 44ADA
  3. s. 120 Amendment of section 28
  4. s. 232 Amendment of Act 15 of 2003

Questions about Section 28

What does Section 28 of the Finance Act deal with?

Section 28 of the Finance Act is headed "Amendment of section 47". 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

How do I find court cases under Section 28 of the Finance Act?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2016 28, section 28 Finance Act 2016, section 28 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

What should I read with Section 28 of the Finance Act, and has it changed?

Its own text turns on section 10 (Amendment of section 24), section 47 (Amendment of section 92CA), Income-tax Act 47 (Transactions not regarded as transfer), so none of them can safely be read on its own. 4 other provisions in this corpus refer back to it.

When was Section 28 of the Finance Act enacted?

Section 28 of the Finance Act, cited as Finance Act 2016 28, was enacted on 27 Jun 2016. It is in force as at the date shown on this page.

Other sections of this Act

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. 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. This page is not a substitute for legal advice.