Short-term capital gains on market linked debentures and specified mutual fund units are computed under special overriding rules.

Special provisions govern computation of capital gains on transfer, redemption or maturity of a Market Linked Debenture and specified units or bonds. The gains are treated as short-term capital gains and are computed by reducing full value of consideration by cost of acquisition and connected expenditure, with no deduction for securities transaction tax. The text also defines Market Linked Debenture and Specified Mutual Fund for the relevant periods.

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