Unit Trust of India (Transfer of Undertaking and Repeal) Act,2002

Act No : 58

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Section : Tax exemption or benefit to continue to have effect.

13. Tax exemption or benefit to continue to have effect.-(1) Notwithstanding anything contained in the Income-tax Act, 1961 (43 of 1961) or any other enactment for the time being in force relating to tax or income, profits or gains, no income-tax or an other tax shall be payable by the Administrator in relation to the specified undertaking for a period of five years computed from the appointed day in respect of any income, profits or gains derived, or any amount received in relation to the specified u dertaking. (2) The transfer and vesting of the undertaking or the specified undertaking in terms of section 4 shall not be construed as a transfer within the meaning of the Income-tax Act, 1961 (43 of 1961) for the purposes of capital gains.

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