Telecom Regulatory Authority of India Act,1997

Act No : 24

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Section : Amendment of section 47A.

17. Amendment of section 47A. Section 47A of the Income-tax Act shall be renumbered as sub-section (1) thereof and after sub-section (1) as so renumbered, the following sub-section shall be inserted with effect from the 1st day of April 1998, namely:- '(2) Where at any time, before expiry of a period of three years from the date of the transfer of a capital asset referred to in clause (xi) of section 47 any of the shares allotted to the transferor in exchange of a membership in a recognised stock exchange are transferred, the amount of profits and gains not charged under section 45 by virtue of the provisions contained in clause (xi) of section 47 shall, notwithstanding anything contained in the said clause, be deemed to be the income chargeable under the head "Capital gains" of the previous year in which such shares are transferred.

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