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of <h1>Section 10(34A) Exempts Income from Share Buybacks from Tax, Covering Both Long-Term and Short-Term Gains.</h1> The exemption under section 10(34A) of the Income Tax Act applies to income arising from the buyback of shares, irrespective of whether the gain is classified as long-term or short-term capital gains. In the hands of the shareholder, this income is exempt from tax, providing a specific exemption for gains derived from such transactions.
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