तद्यथा पेशस्कारी पेशसो मात्रामपा-दायान्यन्नवतरं कल्याणतरं रूपं तनुतएवमेवायमात्मेदं शरीरं निहत्याविद्यांगमयित्वान्यन्नवतरं कल्याणतरं रूपंकुरुते पित्र्यं वा गान्धर्वं वा दैवं वाप्राजापत्यं वा ब्राह्मं वान्येषां वा भूता-नाम् ॥ ४ ॥
In plain words
Think of a goldsmith: he takes a lump of gold and melts it down into something newer and more beautiful. That is exactly what this self does — it sets this body down, lets its ignorance go with it, and shapes a newer, more beautiful form for itself: perhaps among the ancestors, or the gandharvas, or the gods, or in the realm of Prajāpati, of Brahmā, or of any other kind of being.
Close to the Sanskrit
It is thus: as a goldsmith, taking a portion from [existing] gold, fashions another, newer, more beautiful form — so indeed does this self, having struck down this body, having dispelled ignorance, make another, newer, more beautiful form: belonging to the fathers, or to the gandharvas, or divine, or belonging to Prajāpati, or to Brahmā, or to other beings. || 4 ||