Quick Summary
The Income-tax (Thirteenth Amendment) Rules, 2023 were notified by the Central Board of Direct Taxes on 18th July 2023. The rules amend the Income-tax Rules, 1962, and make the following changes: They provide for the manner of computation of the income of a resultant fund under section 115UAA
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FAQ :
The amendment aims to encourage the relocation of funds and movable property by providing clarity on the tax treatment of assets received by unitholders during such a relocation.
These rules came into force from the date of their publication in the Official Gazette.
A new sub-rule (5) has been inserted into Rule 11UAC, detailing how movable property, like shares or units in a 'resultant fund', received by a unitholder of an 'original fund' is to be treated for tax purposes following a relocation.
Yes, the rules specify conditions related to the ownership of the 'resultant fund' and the 'original fund' to ensure that at least ninety percent of shares or units are held by the same entity(ies) or person(s) in the same proportion.
These terms have specific meanings assigned to them in the Income-tax Act, 1961, particularly in the Explanation to clauses (viiac) and (viiad) of Section 47.
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