Definition amendments broaden tax treatment of listed securities and subscription rights, fixing holding periods from allotment or offer. Amendments expand administrative-office definitions to include Additional Commissioners and Additional Directors of Income tax and add a Deputy Director definition equating to an Additional Director. The capital asset definition is widened to cover listed securities and certain units, with holding periods to be reckoned from allotment for subscribed financial assets and from the date of the issuer's offer for renounced subscription rights; 'security' adopts the meaning in the Securities Contracts (Regulation) Act.
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Definition amendments broaden tax treatment of listed securities and subscription rights, fixing holding periods from allotment or offer.
Amendments expand administrative-office definitions to include Additional Commissioners and Additional Directors of Income tax and add a Deputy Director definition equating to an Additional Director. The capital asset definition is widened to cover listed securities and certain units, with holding periods to be reckoned from allotment for subscribed financial assets and from the date of the issuer's offer for renounced subscription rights; "security" adopts the meaning in the Securities Contracts (Regulation) Act.
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