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Rule 21AL: Other Conditions required to be fulfilled by the original fund

The Income-tax Rules, 1962Central Act · 1962

[Other conditions required to be fulfilled by the original fund.

For the purposes of sub-clause (iv) of clause (a) of Explanation to clause (viiad) of section 47 of the Act, the original fund, in a case where a capital asset is transferred to a resultant fund being a Category III Alternative Investment Fund, shall fulfil the condition that the aggregate participation or investment in the original fund, directly or indirectly, by persons resident in India shall not exceed five per cent of the corpus of such fund at the time of such transfer.

Explanation.—For the purpose of this rule, the expressions "original fund" and "resultant fund" shall have the meanings respectively assigned to them in the Explanation to clause (viiac) and clause (viiad) of section 47.]

Where this provision sits

ActThe Income-tax Rules, 1962
Rule21AL
Marginal noteOther Conditions required to be fulfilled by the original fund
JurisdictionCentral
StatusIn force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • inserted. Inserted by the IT (Twenty-first Amdt.) Rules, 2022, w.e.f. 8-7-2022.

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