Income Tax Act, 2025
Section 2: Ins. by s. 28, ibid. (w.e.f. 12017).
2. Ins. by s. 28, ibid. (w.e.f. 12017).
269
(xv) any transfer in a scheme for lending of any securities under an agreement or arrangement,
which the assessee has entered into with the borrower of such securities and which is subject to the
guidelines issued 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) 1[or the Reserve Bank of India
constituted under sub-section (1) of section 3 of the Reserve Bank of India Act, 1934 (2 of 1934)], in
this regard;
2[(xvi) any transfer of a capital asset in a transaction of reverse mortgage under a scheme made
and notified by the Central Government;]
3[(xvii) any transfer of a capital asset, being share of a special purpose vehicle to a business trust
in exchange of units allotted by that trust to the transferor.
Explanation.—For the purposes of this clause, the expression “special purpose vehicle” shall
have the meaning assigned to it in the Explanation to clause (23FC) of section 10;]
4[(xviii) any transfer by a unit holder of a capital asset, being a unit or units, held by him in the
consolidating scheme of a mutual fund, made in consideration of the allotment to him of a capital
asset, being a unit or units, in the consolidated scheme of the mutual fund:
Provided that the consolidation is of two or more schemes of equity oriented fund or of two or
more schemes of a fund other than equity oriented fund.
Explanation.—For the purposes of this clause,—
(a) “consolidated scheme” means the scheme with which the consolidating scheme merges or
which is formed as a result of such merger;
(b) “consolidating scheme” means the scheme of a mutual fund which merges under the process
of consolidation of the schemes 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);
(c) “equity oriented fund” shall have the meaning assigned to it in clause (38) of section 10;
(d) “mutual fund” means a mutual fund specified under clause (23D) of section 10.]
5[(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
any transfer in a scheme for lending of any securities under an agreement or arrangement,
which the assessee has entered into with the borrower of such securities and which is subject to the
guidelines issued 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) 1[or the Reserve Bank of India
constituted under sub-section
of section 3 of the Reserve Bank of India Act, 1934 (2 of 1934)], in
this regard;
2[
any transfer of a capital asset in a transaction of reverse mortgage under a scheme made
and notified by the Central Government;]
3[
any transfer of a capital asset, being share of a special purpose vehicle to a business trust
in exchange of units allotted by that trust to the transferor.
Explanation.—For the purposes of this clause, the expression “special purpose vehicle” shall
have the meaning assigned to it in the Explanation to clause
of section 10;]
4[
any transfer by a unit holder of a capital asset, being a unit or units, held by him in the
consolidating scheme of a mutual fund, made in consideration of the allotment to him of a capital
asset, being a unit or units, in the consolidated scheme of the mutual fund:
Provided that the consolidation is of two or more schemes of equity oriented fund or of two or
more schemes of a fund other than equity oriented fund.
Explanation.—For the purposes of this clause,—
“consolidated scheme” means the scheme with which the consolidating scheme merges or
which is formed as a result of such merger;
“consolidating scheme” means the scheme of a mutual fund which merges under the process
of consolidation of the schemes 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);
“equity oriented fund” shall have the meaning assigned to it in clause
of section 10;
“mutual fund” means a mutual fund specified under clause
of section 10.]
5[
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,—
“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