Capital gains treatment for transfers of cultural assets to public institutions and universities is excluded from transfer.

Transfer of a capital asset consisting of specified works, collections, books, manuscripts, drawings, paintings, photographs or prints to the Government, a University, the National Museum, the National Art Gallery, the National Archives, or a notified public institution of national importance is treated as not constituting a transfer for capital gains purposes. The provision applies to transfers by any person to these specified public bodies. 'University' includes a university established or incorporated under a Central, State or Provincial Act and institutions declared universities under the University Grants Commission Act, 1956.

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