Income Tax Act, 2025
Section 6: Ins. by Act 13 of 2018, s. 17 (w.e.f. 12019).
6. Ins. by Act 13 of 2018, s. 17 (w.e.f. 12019).
266
Explanation.—For the purposes of this clause,—
(a) “International Financial Services Centre” shall have the meaning assigned to it in
clause (q) of section 2 of the Special Economic Zones Act, 2005;
(b) “recognised stock exchange” shall have the meaning assigned to it in clause (ii) of
Explanation 1 to clause (5) of section 43;
(c) “derivative” shall have the meaning assigned to it in clause (ac) of section 2 of the
Securities Contracts (Regulation) Act, 1956.]
1[(viib) any transfer of a capital asset, being a Government Security carrying a periodic payment
of interest, made outside India through an intermediary dealing in settlement of securities, by a nonresident to another non-resident.
Explanation.—For the purposes of this clause, “Government Security” shall have the meaning
assigned to it in clause (b) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of
1956);]
2[(viic) any transfer of Sovereign Gold Bond issued by the Reserve Bank of India under the
Sovereign Gold Bond Scheme, 2015, by way of redemption, by an assessee being an individual;]
3[(viii) any transfer of agricultural land in India effected before the 1st day of March, 1970;]
4[(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 the National Museum, National Art Gallery, National Archives or any such other public
museum or institution as may be notified by the Central Government in the Official Gazette to be of
national importance or to be of renown throughout any State or States.
Explanation.—For the purposes of this clause, “University” means a University established or
incorporated by or under a Central, State or Provincial Act and includes an institution declared under
section 3 of the University Grants Commission Act, 1956 (3 of 1956), to be a University for the
purposes of that Act;]
5[(x) any transfer by way of 6[conversion of bonds or debentures], debenture-stock or deposit
certificates in any form, of a company into shares or debentures of that company;]
7[(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 any company;]
8[(xb) any transfer by way of conversion of preference shares of a company into equity shares of
that company;]
9[(xi) any transfer made on or before the 10[31st day of December, 1998] by a person (not being a
company) of a capital asset being membership of a recognised stock exchange to a company in
exchange of shares allotted by that company to the transferor.
Explanation.—For the purposes of this clause, the expression “membership of a recognised stock
exchange” means the membership of a stock exchange in India which is recognised under the
provisions of the Securities Contracts (Regulation) Act, 1956 (42 of 1956);
(xii) any transfer of a capital asset, being land of a sick industrial company, made under a scheme
prepared and sanctioned under section 18 of the Sick Industrial Companies (Special Provisions)
Act, 1985 (1 of 1986) where such sick industrial company is being managed by its workers’
co-operative:
“International Financial Services Centre” shall have the meaning assigned to it in
clause
of section 2 of the Special Economic Zones Act, 2005;
“recognised stock exchange” shall have the meaning assigned to it in clause
of
Explanation 1 to clause
of section 43;
“derivative” shall have the meaning assigned to it in clause
of section 2 of the
Securities Contracts
Act, 1956.]
1[
any transfer of a capital asset, being a Government Security carrying a periodic payment
of interest, made outside India through an intermediary dealing in settlement of securities, by a nonresident to another non-resident.
Explanation.—For the purposes of this clause, “Government Security” shall have the meaning
assigned to it in clause
of section 2 of the Securities Contracts
Act, 1956 (42 of
1956);]
2[
any transfer of Sovereign Gold Bond issued by the Reserve Bank of India under the
Sovereign Gold Bond Scheme, 2015, by way of redemption, by an assessee being an individual;]
3[
any transfer of agricultural land in India effected before the 1st day of March, 1970;]
4[
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 the National Museum, National Art Gallery, National Archives or any such other public
museum or institution as may be notified by the Central Government in the Official Gazette to be of
national importance or to be of renown throughout any State or States.
Explanation.—For the purposes of this clause, “University” means a University established or
incorporated by or under a Central, State or Provincial Act and includes an institution declared under
section 3 of the University Grants Commission Act, 1956 (3 of 1956), to be a University for the
purposes of that Act;]
5[
any transfer by way of 6[conversion of bonds or debentures], debenture-stock or deposit
certificates in any form, of a company into shares or debentures of that company;]
7[
any transfer by way of conversion of bonds referred to in clause
of sub-section
of section 115AC into shares or debentures of any company;]
8[
any transfer by way of conversion of preference shares of a company into equity shares of
that company;]
9[
any transfer made on or before the 10[31st day of December, 1998] by a person (not being a
company) of a capital asset being membership of a recognised stock exchange to a company in
exchange of shares allotted by that company to the transferor.
Explanation.—For the purposes of this clause, the expression “membership of a recognised stock
exchange” means the membership of a stock exchange in India which is recognised under the
provisions of the Securities Contracts
Act, 1956 (42 of 1956);
any transfer of a capital asset, being land of a sick industrial company, made under a scheme
prepared and sanctioned under section 18 of the Sick Industrial Companies (Special Provisions)
Act, 1985 (1 of 1986) where such sick industrial company is being managed by its workers’
co-operative: