Gift carve-outs (s. 92(2)(m))

The table (sub-rule 1). Section 92(2)(m) does not apply to:

1. A resident of an unauthorised colony in the National Capital Territory of Delhi, on immovable property (land or building or both), where the Central Government has by notification regularised the transactions based on the latest power of attorney, agreement to sale, will, possession letter and other documents, including documents evidencing payment of consideration.
2. A shareholder, on unquoted shares (movable property) of a company, its subsidiary or a subsidiary of that subsidiary, where (a) the Tribunal, on the Central Government's application under section 241 of the Companies Act, 2013, has suspended the Board of Directors and appointed directors nominated by the Central Government under section 242; and (b) the shares were received under a resolution plan approved by the Tribunal under section 242 after a reasonable opportunity of being heard was given to the jurisdictional Principal Commissioner or Commissioner.
3. An investor or the investor bank, on equity shares of the reconstructed bank, where the shares were allotted by the reconstructed bank under the Scheme at the price in paragraph 3(3) of the Scheme.
4. Any person from a public sector company or the Central or a State Government, on equity shares of a public sector company or a company, where the shares were received under strategic disinvestment.
5. The fund management entity of the resultant fund, on shares, units or interest in the resultant fund, received in lieu of those held by the investment manager entity in the original fund pursuant to the relocation, where (a) not less than 90% of the shares, units or interest in the fund management entity are held by the same entities or persons in the same proportion as in the investment manager entity of the original fund; and (b) not less than 90% of the aggregate in that investment manager entity was held by those entities or persons.

Section 79 (sub-rule 2). Section 79 likewise does not apply to the transfer of movable property of the kind in sub-rule (1) Sl. No. 2 where the conditions there are satisfied.

Definitions (sub-rule 3). For Sl. No. 1, a "resident" is a person in physical possession of property on the basis of a registered sale deed or the latest power of attorney, agreement to sale, will, possession letter and other documents including evidence of payment, in an unauthorised colony, including legal heirs but excluding a tenant, licensee or permissive user; "unauthorised colony" has the meaning in section 2(b) of the National Capital Territory of Delhi (Recognition of Property Rights of Residents in Unauthorised Colonies) Act, 2019. For Sl. No. 2, a company is a subsidiary of another if the other holds more than half in nominal value of its equity share capital, and "Tribunal" is as in section 2(90) of the Companies Act, 2013. For Sl. No. 3, "investor", "investor bank" and "reconstructed bank" are as in paragraphs 2(1)(b), (c) and (d) of the Scheme, and "Scheme" means the Yes Bank Limited Reconstruction Scheme, 2020. For Sl. No. 4, "strategic disinvestment" is as in section 116(3)(c). For Sl. No. 5, "relocation", "original fund" and "resultant fund" are as in section 70(2) [Table: Sl. No. 5], "fund management entity" as in regulation 2(p) of the International Financial Services Centres Authority (Fund Management) Regulations, 2022, and "investment manager entity" is the fund manager of the original fund regulated under the law of the jurisdiction where that fund is located.