- In section 47 of the Income-tax Act, after clause (viiaa) [as inserted by section 23 of the Finance Act, 2017], the following clause shall be inserted with effect from the 1st day of April, 2019, namely:-(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.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.'.
