Short-term capital gains tax now applies to transfers of business trust units received in exchange for SPV shares, effective prospectively.

Omission of the second proviso to sub section (1) of section 111A makes the provisions of section 111A applicable to income from transfer of units of a business trust acquired in exchange for shares of a special purpose vehicle; the amendment takes effect from 1 April 2016 and applies to assessment year 2016 17 onward.

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