Capital gains exclusion: specified transfers of investment assets are not treated as capital gains when statutory conditions are met. Income from specified transfers of investment assets is not to be treated as capital gains. The exclusions encompass asset distribution on HUF partition, gifts or irrevocable trust transfers (except sweat equity), wills, intra group transfers between wholly owned parent and subsidiary where asset status is retained, predecessor to successor transfers in business reorganisations to Indian successors, specified foreign amalgamation/demerger share transfers meeting continuity and non taxation conditions abroad, conversions to LLP subject to continuity and consideration conditions, transfers in sanctioned banking amalgamations, securities lending under SEBI/RBI guidelines, liquidation distributions to shareholders, transfers under sick industrial company schemes, reverse mortgage transactions under notified schemes, and beneficial interest transfers by depositories.