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of <h1>Pre-2006 listed securities LTCG exempt if reinvested in eligible issue within six months; one-year recapture; cost not deductible u/s 80C</h1> Where a long-term capital gain arises from transferring listed securities or units (transfers before 1 April 2006) and the taxpayer reinvests all or part of that gain within six months in equity shares of an eligible public issue, the reinvested amount is exempt from tax to the extent of the cost of those shares (fully if cost = gain; proportionately otherwise). If the specified shares are sold within one year of acquisition, the previously exempted amount becomes chargeable as long-term capital gain in the year of sale. The cost so taken into account cannot be claimed as a deduction under section 80C for assessment years beginning on or after 1 April 2006.
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