# The Finance Act, 2017, Section 23: Amendment of section 47

- Act: The Finance Act, 2017
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2017/section/23/

## Text

Amendment of section 47. 23. In section 47 of the Income-tax Act, with effect from the 1st day of April, 2018,— (a) | after clause (viia), the following clause shall be inserted, namely:— "(viiaa) | any transfer, made outside India, of a capital asset being rupee denominated bond of an Indian company issued outside India, by a non-resident to another non-resident;"; (b) | after clause (xa), the following clause shall be inserted, namely:— "(xb) | any transfer by way of conversion of preference shares of a company into equity shares of that company;".

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