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.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
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.
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