Amalgamating company the following will be exempt from CG tax.
1) Transfer of capital asset by an amalgamating company to Indian amalgamated company.
2) Transfer of shares held in an Indian company by amalgamating foreign company to amalgamated foreign company if –
a) at least 25% of shareholders of the amalgamating foreign company to remain shareholders of the amalgamated foreign company and
b) such transfer doesn’t attract CG tax in the country in which the amalgamating company is incorporated.
3) Transfer of capital asset by an amalgamating banking company to the amalgamated banking company institution, under a scheme of amalgamation sanctioned by the central government.