India - Income Tax Act 2010 - Saarc

S. 47 I.T. ACT, 1961 1.308transfer or issue is made in consideration of demerger of the undertaking;](vii) any transfer by a shareholder, in a scheme of amalgamation, of acapital asset being a share or shares held by him in the amalgamatingcompany, if—(a) the transfer is made in consideration of the allotment to him ofany share or shares in the amalgamated company, and(b) the amalgamated company is an Indian company;86[(viia) any transfer of a capital asset, being bonds or 87 [Global DepositoryReceipts] referred to in sub-section (1) of section 115AC, madeoutside India by a non-resident to another non-resident;]88[(viii) any transfer of agricultural land in India effected before the 1st dayof March, 1970;]89[(ix) any transfer of a capital asset, being any work of art, archaeological,scientific or art collection, book, manuscript, drawing, painting,photograph or print, to the Government or a University or theNational Museum, National Art Gallery, National Archives or anysuch other public museum or institution as may be notified 90 by theCentral Government in the Official Gazette to be of national importanceor to be of renown throughout any State or States.Explanation.—For the purposes of this clause, “University” means aUniversity established or incorporated by or under a Central, State orProvincial Act and includes an institution declared under section 3 ofthe University Grants Commission Act, 1956 (3 of 1956), to be aUniversity for the purposes of that Act;]91[(x) any transfer by way of conversion of 92 [bonds or] debentures, debenture-stockor deposit certificates in any form, of a company intoshares or debentures of that company;]93[(xa) any transfer by way of conversion of bonds referred to in clause (a)of sub-section (1) of section 115AC into shares or debentures of anycompany;]94[(xi) any transfer made on or before the 31st day of December, 95 [1998] bya person (not being a company) of a capital asset being membershipof a recognised stock exchange to a company in exchange of sharesallotted by that company to the transferor.Explanation.—For the purposes of this clause, the expression “membershipof a recognised stock exchange” means the membership of a86. Inserted by the Finance Act, 1992, w.e.f. 1-6-1992.87. Substituted for “shares” by the Finance Act, 2001, w.e.f. 1-4-2002.88. Inserted by the Finance Act, 1970, w.e.f. 1-4-1970.89. Inserted by the Finance Act, 1976, w.e.f. 1-4-1977.90. For notified public institutions, see Taxmann’s Master Guide to Income-tax Act.91. Inserted by the Finance (No. 2) Act, 1991, w.r.e.f. 1-4-1962.92. Inserted by the Finance Act, 1992, w.r.e.f. 1-4-1962.93. Inserted by the Finance Act, 2008, w.e.f. 1-4-2008.94. Inserted by the Finance Act, 1997, w.e.f. 1-4-1998.95. Substituted for “1997” by the Finance (No. 2) Act, 1998, w.r.e.f. 1-4-1998.