- In section 47 of the Income-tax Act, with effect from the 1st day of April, 2018,-(a)after clause (viia), the following clause shall be inserted, namely:-"(viiaa) any transfer, made outside India, of a capital asset being rupee denominated bond of an Indian company issued outside India, by a non-resident to another non-resident;";(b)after clause (xa), the following clause shall be inserted, namely:-"(xb) any transfer by way of conversion of preference shares of a company into equity shares of that company;".
