Section 2(31) to (48) - Definitions [Clause (31) to Clause (48)] - 'Person' to 'Zero Coupon Bond'

Definition of transfer expanded to include zero coupon bond maturity and virtual digital assets as taxable transfers.

The Act expansively defines key terms for tax chargeability: 'person' covers natural and juridical entities; 'short-term capital asset' is generally held not more than twenty-four months with specified twelve-month exceptions for listed securities, certain units and zero coupon bonds; 'transfer' includes sale, exchange, relinquishment, compulsory acquisition, conversion to stock-in-trade and specifically the maturity or redemption of a zero coupon bond; 'virtual digital asset' is defined to include cryptographic tokens and non-fungible tokens, with government power to exclude by notification. Explanatory provisions prescribe how holding periods are computed for transfers arising from amalgamations, demergers, demutualisation and other corporate events.