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Manual - Exempted Income u/s 10 - Income Specific
No, Income on transfer of units is not exempt under this clase.
Income on transfer of units is not exempt under section 10(35); such transfer income remains taxable. Income arising on the transfer of units is not covered by the exemption under 10(35); proceeds from disposal of units are not exempt under that clause and must be treated as taxable transfer income under ordinary tax provisions.
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