Section 47(xiiia) - Transfer of membership right in a stock exchange - Income Tax - Ready Reckoner - Income Tax

Section 47(xiiia) :- Transfer of membership right in a stock exchange Section Transaction not regarded as transfer Transferor u/s 2(47) Transferee u/s 2(47) Capital Asset involved u/s 2(14) 47(xiiia) Any transfer of a capital asset being a membership right held by a member of a recognised stock exchange in India for acquisition of shares and trading or clearing rights acquired by such member in that recognised stock exchange in accordance with the scheme for demutualisation or corporatisation which is approved by the Securities and Exchange Board of India Any person Any person Membership rights of a recognised Stock Exchange. The cost of capital asset shall be NIL (i) Cost of Acquisition of equity share allotted shall be the Cost to acquire membership (ii) Cost of Acquisition of Trading/clearing right shall be NIL.