The provisions of sub-section (1) of section lilA provide for the levy of tax at concessional rate of fifteen per cent. in certain cases.
It is proposed to amend the said sub-section so as to provide that the concessional rate of tax shall apply to the transfer of a unit of a business trust as they apply in case of a unit of an equity oriented fund. It is further proposed that the provisions of this sub-section shall not apply in respect of any income arising from transfer of units of a business trust which were acquired by the assessee in consideration of a transfer referred to in clause (xvii) of section 47.
This amendment will take effect from 1st April, 2015 and will, accordingly, apply in relation to the assessment year 2015-16 and subsequent years.