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of <h1>Conversion of Bonds to Shares Not a Transfer for Capital Gains Under Section 47(xa) of Income Tax Act</h1> Section 47(xa) of the Income Tax Act specifies that the conversion of bonds, as mentioned in Section 115AC(1)(a), into shares or debentures of a company is not regarded as a transfer for capital gains purposes. The cost of the shares or debentures in the hands of the transferee is considered to be the cost of the original bonds. The period of holding for these assets does not take into account the holding period of the original owner.
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