Tax treatment of unlisted shares clarified: substitution expands clause to include closely held company shares with retrospective effect. Amendment expands the scope of capital gains taxation under section 112(1)(c)(iii) by replacing the phrase "unlisted securities" with "unlisted securities ... Summary
Tax treatment of unlisted shares clarified: substitution expands clause to include closely held company shares with retrospective effect.
Amendment expands the scope of capital gains taxation under section 112(1)(c)(iii) by replacing the phrase "unlisted securities" with "unlisted securities or shares of a company not being a company in which the public are substantially interested", thereby bringing shares of closely held companies within the provision's ambit and treating the substitution as having retrospective effect.
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