Capital asset transfer rules revised: ESOP eligibility, recognition of GDRs and corporatisation transfers change tax treatment.

The provision limits the Employees Stock Option Plan exemption to plans offered in accordance with Central Government guidelines, substitutes Global Depository Receipts for shares in the relevant clause, and expands non-taxable transfers to include succession transfers from a firm to a company and transfers arising from corporatisation of a recognised stock exchange, with the proviso extended to associations of persons and requiring regulator-approved corporatisation schemes.

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