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of <h1>Transfer of Stock Exchange Membership Rights Not Taxed as Capital Gains under Section 47(xiiia) of Income Tax Act</h1> Section 47(xiiia) of the Income Tax Act specifies that the transfer of membership rights in a recognized stock exchange in India, for acquiring shares and trading or clearing rights under a demutualization or corporatization scheme approved by the Securities and Exchange Board of India, is not regarded as a transfer for capital gains purposes. The cost of the capital asset is considered NIL. The acquisition cost of equity shares is the cost incurred to acquire the membership, while the acquisition cost for trading or clearing rights is NIL.
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