Income Tax Act, 2025
Section 6: Ins. by Act 27 of 1999, s. 34 (w.e.f. 12000).
6. Ins. by Act 27 of 1999, s. 34 (w.e.f. 12000).
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(b) such transfer does not attract tax on capital gains in the country, in which the demerged
foreign company is incorporated:
Provided that the provisions of sections 391 to 394 of the Companies Act, 1956 (1 of 1956)
shall not apply in case of demergers referred to in this clause;
1[(vica) any transfer in a business reorganisation, of a capital asset by the predecessor
co-operative bank to the successor co-operative bank;
(vicb) any transfer by a shareholder, in a business reorganisation, of a capital asset being a share
or shares held by him in the predecessor co-operative bank if the transfer is made in consideration of
the allotment to him of any share or shares in the successor co-operative bank.
Explanation.—For the purposes of clauses (vica) and (vicb), the expressions “business
reorganisation”, “predecessor co-operative bank” and “successor co-operative bank” shall have the
meanings respectively assigned to them in section 44DB;]
2[(vicc) any transfer in a demerger, of a capital asset, being a share of a foreign company, referred
to in the Explanation 5 to clause (i) of sub-section (1) of section 9, which derives, directly or
indirectly, its value substantially from the share or shares of an Indian company, held by the
demerged foreign company to the resulting foreign company, if—
(a) the shareholders, holding not less than three-fourths in value of the shares of the
demerged foreign company, continue to remain shareholders of the resulting foreign company;
and
(b) such transfer does not attract tax on capital gains in the country in which the demerged
foreign company is incorporated:
Provided that the provisions of sections 391 to 394 of the Companies Act, 1956 (1 of 1956)
shall not apply in case of demergers referred to in this clause;]
(vid) any transfer or issue of shares by the resulting company, in a scheme of demerger to the
shareholders of the demerged company if the transfer or issue is made in consideration of demerger of
the undertaking;]
(vii) any transfer by a shareholder, in a scheme of amalgamation, of a capital asset being a share
or shares held by him in the amalgamating company, if—
(a) the transfer is made in consideration of the allotment to him of any share or shares in the
amalgamated company except where the shareholder itself is the amalgamated company, and
(b) the amalgamated company is an Indian company;
3[(viia) any transfer of a capital asset, being bonds or 4[Global Depository Receipts] referred to in
sub-section (1) of section 115AC, made outside India by a non-resident to another non-resident;
5[(viiaa) any transfer, made outside India, of a capital asset being rupee denominated bond of an
Indian company outside India, by a non-resident to another non-resident;]
6[(viiab) any transfer of a capital asset, being—
(a) bond or Global Depository Receipt referred to in sub-section (1) of section 115AC; or
(b) rupee denominated bond of an Indian company; or
(c) derivative,
made by a non-resident on a recognised stock exchange located in any International Financial Services
Centre and where the consideration for such transaction is paid or payable in foreign currency.
such transfer does not attract tax on capital gains in the country, in which the demerged
foreign company is incorporated:
Provided that the provisions of sections 391 to 394 of the Companies Act, 1956 (1 of 1956)
shall not apply in case of demergers referred to in this clause;
1[
any transfer in a business reorganisation, of a capital asset by the predecessor
co-operative bank to the successor co-operative bank;
any transfer by a shareholder, in a business reorganisation, of a capital asset being a share
or shares held by him in the predecessor co-operative bank if the transfer is made in consideration of
the allotment to him of any share or shares in the successor co-operative bank.
Explanation.—For the purposes of clauses
and
any transfer in a demerger, of a capital asset, being a share of a foreign company, referred
to in the Explanation 5 to clause
of sub-section
of section 9, which derives, directly or
indirectly, its value substantially from the share or shares of an Indian company, held by the
demerged foreign company to the resulting foreign company, if—
the shareholders, holding not less than three-fourths in value of the shares of the
demerged foreign company, continue to remain shareholders of the resulting foreign company;
and
such transfer does not attract tax on capital gains in the country in which the demerged
foreign company is incorporated:
Provided that the provisions of sections 391 to 394 of the Companies Act, 1956 (1 of 1956)
shall not apply in case of demergers referred to in this clause;]
any transfer or issue of shares by the resulting company, in a scheme of demerger to the
shareholders of the demerged company if the transfer or issue is made in consideration of demerger of
the undertaking;]
any transfer by a shareholder, in a scheme of amalgamation, of a capital asset being a share
or shares held by him in the amalgamating company, if—
the transfer is made in consideration of the allotment to him of any share or shares in the
amalgamated company except where the shareholder itself is the amalgamated company, and
the amalgamated company is an Indian company;
3[
any transfer of a capital asset, being bonds or 4[Global Depository Receipts] referred to in
sub-section
of section 115AC, made outside India by a non-resident to another non-resident;
5[
any transfer, made outside India, of a capital asset being rupee denominated bond of an
Indian company outside India, by a non-resident to another non-resident;]
6[
any transfer of a capital asset, being—
bond or Global Depository Receipt referred to in sub-section
of section 115AC; or
rupee denominated bond of an Indian company; or
derivative,
made by a non-resident on a recognised stock exchange located in any International Financial Services
Centre and where the consideration for such transaction is paid or payable in foreign currency.