Computation of Capital Gains (Sec. 48)
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transfer any bonds or shares of a public sector company sold by the government and purchased by the non resident in foreign currency, such a transfer is not regarded as a transfer for the purposes of capital gains, provided the transfer of the capital asset is made outside India by the non resident to another non resident. where any assessee transfers any work of art, archaeological or art collection, book, manuscript, drawing, painting, photograph or print to a University, the National Museum, the National Art Gallery, the National Archives, to the Government or to any other notified institution of national importance it is not considered as transfer for the purposes of capital gains. any transfer by way of conversion of a company’s bonds or debentures, debenture-stock or deposit certificates held in any form into shares and debentures of that company is not regarded as transfer for the purpose of capital gains. where a non corporate person transfers its membership of a recognised stock exchange in India to a company in exchange of shares allotted by that company is not regarded as a transfer for the purposes of capital gains provided that such transfer was made on or before 31st day of December, 1998. The exemption shall lapse if the shares received by the assessee are transferred within three years of the date of transfer of the membership. any transfer of a land of a sick industrial company which is being managed by its Worker's Cooperative is not regarded as transfer for the purposes of capital gain if the transfer is made under a scheme prepared and sanctioned under section 18 of the Sick Industrial Companies (Special Provisions) Act, 1985. This exemption is operative only in the period commencing from the previous year in which the said company became a sick industrial company under section 17(1) of that Act and ending with the previous year during which the entire net worth of such company become
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