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Manual - Exempted Income u/s 10 - Income Specific
In the hands of the shareholder, the income is exempt regardless of whether the gain is short-term or long-term.
Read more: http://www.simplifiedlaws.com/taxation-on-buy-back-of-shares/#ixzz5FkLHF0WG
Exemption on buyback income applies irrespective of short term or long term capital gains for shareholders under income tax law. The exemption on buyback income applies to a shareholder's receipt irrespective of the holding period; buyback proceeds are exempt from income tax in the shareholder's hands whether classified as short term or long term capital gains.
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