Capital gain on transfer of long-term capital assets not to be charged in the case of investment in specified securities

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....ntures, shares of a public company or units of any mutual fund referred to in clause (23D) of section 10,] specified by the Board in this behalf by notification in the Official Gazette (such assets hereafter in this section referred to as the ^5[specified securities]), the capital gain shall be dealt with in accordance with the following provisions of this section, that is to say,- (a) if the cost of the ^6[specified securities] is not less than the net consideration in respect of the original asset, the whole of such capital gain shall not be charged under section 45; (b) if the cost of the ^7[specified securities] is less than the net consideration in respect of the original asset, so much of the capital gain as bears to....

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....the net consideration received or accruing as a result of the transfer of the original asset ; (b) "net consideration", in relation to the transfer of a capital asset, means the full value of the consideration received or accruing as a result of the transfer of the capital asset as reduced by the expenditure incurred wholly and exclusively in connection with such transfer.       *************** NOTES:- 1. Inserted vide Section 20 of the Finance (No. 2) Act, 1996 w.e.f. 01-10-1996  2. Substituted vide Section 2 of the Income-tax (Amendment) Act, 1997 w.e.f. 01-10-1996 before it was read as, "specified bonds or debentures" 3. Inserted vide Section 25 of the Finance Act, 2....