Act 47A
1 year ago
Why notice has been sent to me by government of act 47A? And how i can do in this ?
A.Dear Sir,
You have not mentioned the name of the Act. I presume it may be under Income Tax Act and it is as follows:
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Section 47A in The Income- Tax Act, 1995
47A. 4 Withdrawal of exemption in certain cases Where at any time before the expiry of a period of eight years from the date of the transfer of a capital asset referred to in clause (iv) or, as the case may be, clause (v) of section 47,-
(i) such capital asset is converted by the transferee company into, or is treated by it as, stock- in- trade of its business; or
(ii) the parent company or its nominees or, as the case may be, the holding company ceases or cease to hold the whole of the share capital of the subsidiary company, the amount of profits and gains arising from the transfer of such capital asset not charged under section 45 by virtue of the provisions contained in clause (iv) or, as the case may be, clause (v) of section 47 shall, notwithstanding anything contained in the said clauses, be deemed to be income chargeable under the head" Capital gains" of the previous year in which such transfer took place.]
You have not mentioned the name of the Act. I presume it may be under Income Tax Act and it is as follows:
=================================================================
Section 47A in The Income- Tax Act, 1995
47A. 4 Withdrawal of exemption in certain cases Where at any time before the expiry of a period of eight years from the date of the transfer of a capital asset referred to in clause (iv) or, as the case may be, clause (v) of section 47,-
(i) such capital asset is converted by the transferee company into, or is treated by it as, stock- in- trade of its business; or
(ii) the parent company or its nominees or, as the case may be, the holding company ceases or cease to hold the whole of the share capital of the subsidiary company, the amount of profits and gains arising from the transfer of such capital asset not charged under section 45 by virtue of the provisions contained in clause (iv) or, as the case may be, clause (v) of section 47 shall, notwithstanding anything contained in the said clauses, be deemed to be income chargeable under the head" Capital gains" of the previous year in which such transfer took place.]
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A.Dear client, please mention your query clearly. Further, please mention the name of the Act under which notice had been sent.
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