Dividend and Income Stripping Transactions [ Section 94(7) ]

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..... s or acquires any securities or unit within a period of three months prior to the record date; ( b ) such person sells or transfers- ( i ) such securities within a period of three months after such date; or ( ii ) such unit within a period of nine months after such date; ( c ) the dividend or income on such securities or unit received or receivable by such person is exempt, .....

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..... acted. However, if the SPV does not exercise option under section115BAA , dividend component of income distributed to unit holder would be exempt in the hands of unit holder, in which case the provisions of section 94(7) would be attracted if the persons buys and sells or transfers unit within the specified period mentioned above. Meaning of certain terms Record Date means such d .....

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..... (i) a unit of a business trust defined in clause (13A) of section 2 ; (ii) a unit defined in clause (b) of the Explanation to section 115AB ; or (iii) beneficial interest of an investor in an Alternative Investment Fund, defined in clause (b) of regulation 2(1) of the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012, made under the Securitie .....

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