Income Tax Act, 2025
Section 11: Ins. by Act 29 of 2006, s. 2 (w.e.f. 132006).
11. Ins. by Act 29 of 2006, s. 2 (w.e.f. 132006).
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(45) “total income” means the total amount of income referred to in section 5, computed in the
manner laid down in this Act;
1* * * * *
2[(47) “transfer”, in relation to a capital asset, includes,—
(i) the sale, exchange or relinquishme nt of the asset; or
(ii) the extinguishment of any rights therein; or
(iii) the compulsory acquisition thereof under any law; or
(iv) in a case where the asset is converted by the owner thereof into, or is treated by him as,
stock-in-trade of a business carried on by him, such conversion or treatment;] 3[or]
4[(iva) the maturity or redemption of a zero coupon bond; or]
3[(v) any transaction involving the allowing of the possession of any immovable property to
be taken or retained in part performance of a contract of the nature referred to in section 53A of
the Transfer of Property Act, 1882 (4 of 1882); or
(vi) any transaction (whether by way of becoming a member of, or acquiring shares in, a
co-operative society, company or other association of persons or by way of any agreement or any
arrangement or in any other manner whatsoever) which has the effect of transferring, or enabling
the enjoyment of, any immovable property.
5[Explanation 1].—For the purposes of sub-clauses (v) and (vi), “immovable property” shall have
the same meaning as in clause (d) of section 269UA.]
6[Explanation 2.—For the removal of doubts, it is hereby clarified that “transfer” includes and
shall be deemed to have always included disposing of or parting with an asset or any interest therein,
or creating any interest in any asset in any manner whatsoever, directly or indirectly, absolutely or
conditionally, voluntarily or involuntarily, by way of an agreement (whether entered into in India or
outside India) or otherwise, notwithstanding that such transfer of rights has been characterised as
being effected or dependent upon or flowing from the transfer of a share or shares of a company
registered or incorporated outside India;]
7[(48) “zero coupon bond” means a bond—
(a) issued by any infrastructure capital company or infrastructure capital fund or public sector
company 8[or scheduled bank] on or after the 1st day of June, 2005;
(b) in respect of which no payment and benefit is received or receivable before maturity or
redemption from infrastructure capital company or infrastructure capital fund or public sector
company 8[or scheduled bank]; and
(c) which the Central Government may, by notification in the Official Gazette, specify in this
behalf.
“total income” means the total amount of income referred to in section 5, computed in the
manner laid down in this Act;
1* * * * *
2[
“transfer”, in relation to a capital asset, includes,—
the sale, exchange or relinquishme nt of the asset; or
the extinguishment of any rights therein; or
the compulsory acquisition thereof under any law; or
in a case where the asset is converted by the owner thereof into, or is treated by him as,
stock-in-trade of a business carried on by him, such conversion or treatment;] 3[or]
4[
the maturity or redemption of a zero coupon bond; or]
3[
any transaction involving the allowing of the possession of any immovable property to
be taken or retained in part performance of a contract of the nature referred to in section 53A of
the Transfer of Property Act, 1882 (4 of 1882); or
any transaction (whether by way of becoming a member of, or acquiring shares in, a
co-operative society, company or other association of persons or by way of any agreement or any
arrangement or in any other manner whatsoever) which has the effect of transferring, or enabling
the enjoyment of, any immovable property.
5[Explanation 1].—For the purposes of sub-clauses
and
of section 269UA.]
6[Explanation 2.—For the removal of doubts, it is hereby clarified that “transfer” includes and
shall be deemed to have always included disposing of or parting with an asset or any interest therein,
or creating any interest in any asset in any manner whatsoever, directly or indirectly, absolutely or
conditionally, voluntarily or involuntarily, by way of an agreement (whether entered into in India or
outside India) or otherwise, notwithstanding that such transfer of rights has been characterised as
being effected or dependent upon or flowing from the transfer of a share or shares of a company
registered or incorporated outside India;]
7[
“zero coupon bond” means a bond—
issued by any infrastructure capital company or infrastructure capital fund or public sector
company 8[or scheduled bank] on or after the 1st day of June, 2005;
in respect of which no payment and benefit is received or receivable before maturity or
redemption from infrastructure capital company or infrastructure capital fund or public sector
company 8[or scheduled bank]; and
which the Central Government may, by notification in the Official Gazette, specify in this
behalf.