Capital gains exclusions: specified intra group, trust, reorganisation and securities lending transfers are not treated as capital gains.

The clause excludes income from defined transfers from computation as capital gains, including HUF partition distributions; gifts and transfers into irrevocable trusts (except sweat equity); intra group transfers where parent and wholly owned Indian subsidiary treat assets as investments; transfers under business reorganisation or amalgamation/demerger when the successor is resident and not foreign; non resident transfers of bonds/GDRs outside India; donations of cultural works to notified public institutions; debt to equity conversions within the same company; securities lending scheme transfers complying with SEBI/RBI; liquidation distributions to shareholders; and transfers under a will.

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