Union Budget 2021: Section 47 Of I-T Act Must Be Amended With Respect To Gold Bonds Scheme Budget 2021: Taxmann said in its pre-budget recommendations that section 47 should be amended to remove the reference of any particular year from the sovereign gold bond scheme
Updated: February 01, 2021 10:32 am IST
Budget 2021: Section 47 of Income Tax Act should be revised to remove the reference of year 2015.
Budget 2021: Section 47 of the Income-Tax (I-T) Act provides that any transfer of Sovereign Gold Bonds (SGBs), issued by the Reserve Bank of India (RBI) under the Sovereign Gold Bond Scheme, 2015, by way of redemption, by an assessee being an individual shall not be treated as a transfer for the purpose of capital gain. According to research and advisory firm, Taxmann, Section 47 still refers to the sovereign gold bond issued under the Sovereign Gold Bond Scheme, 2015. However, the government issues a new sovereign gold bond scheme every year under its series of tranches for