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<h1>Circular Clarifies Tax Treatment for Unlisted Share Transfers, Standardizing Capital Gains Assessment Across Holding Periods</h1> A government circular aims to reduce litigation and establish consistency in tax assessments for unlisted share transfers. The Central Board of Direct Taxes instructs that income from such transfers will be considered 'Capital Gain' regardless of holding period. Exceptions exist for questionable transactions, corporate veil issues, or transfers involving business control. The guidance seeks to standardize tax treatment and minimize disputes.