Exclusion of certain capital asset transfers: government securities and SPV shares exchanged for trust units not treated as transfers.

Two exclusions are added to the definition of transfer for capital gains: transfers of Government Securities carrying periodic interest, made outside India by a non-resident to another non-resident through an intermediary dealing in settlement of securities, are not treated as transfer; and transfers of shares of a special purpose vehicle to a business trust in exchange for units allotted by that trust are not treated as transfer. Statutory definitions for Government Security and special purpose vehicle are adopted from existing provisions.

---

---

---