alleryStart learning →Property received under a section 47 non-transfer is?
ATaxed at half of its value
BExempt from section 56(2)(x)
CTaxed only if immovable
DTaxed only if movable
Answer & Solution
Correct answer: B. Exempt from section 56(2)(x)
Transactions that section 47 does not treat as transfer, such as certain amalgamations and demergers, are excluded by the proviso.
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