Capital gain reinvestment into specified equity shares allowed, subject to holding period and taxability on early transfer. Central Board of Direct Taxes specifies issuance of specified equity shares by a public company to qualify as eligible investment for relief from tax on long term capital gain, authorising issue within one year subject to a stated monetary ceiling, provided the investment is made out of income chargeable under the head Capital gain from transfer of a long term capital asset; if the assessee transfers the allotted shares within three years, the initial investment shall be chargeable to tax under the head Capital gain in accordance with the statutory provision on re transfer.