47. Transactions not regarded as transfer.

Nothing contained in Section 45 shall apply to the following transfers :

(i) any distribution of capital assets on the total or partial partition of a Hindu undivided family;

[1][(ii) * * * *]

(iii) any transfer of a capital asset under a gift or will or an irrevocable trust;

[2][Provided that this clause shall not apply to transfer under a gift or an irrevocable trust of a capital asset being shares, debentures or warrants allotted by a company directly or indirectly to its employees under [3][any Employees Stock Option Plan or Scheme of the Company offered to such employees in accordance with the guidelines issued by the Central Government in this behalf];]

(iv) any transfer of a capital asset by a company to its subsidiary company, if

(a) the parent company or its nominees hold the whole of the share capital of the subsidiary company; and

(b) the subsidiary company is an Indian company;

[4][(v) any transfer of a capital asset by a subsidiary company to the holding company, if

(a) the whole of the share capital of the subsidiary company is held by the holding company, and

(b) the holding company is an Indian company :]

[5][Provided that nothing contained in clause (iv) or clause (v) shall apply to the transfer of a capital asset made after the 29th day of February, 1988, as stock-in-trade];

[6][(vi) any transfer, in a scheme of amalgamation, of a capital asset by the amalgamating company to the amalgamated company if the amalgamated company is an Indian company;]