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TMI BlogAvoidance of tax by certain transactions in securities.X X X X Extracts X X X X X X X X Extracts X X X X ..... r provision of this Act. (2) Where similar securities as referred to in sub-section (1) are bought or acquired, the owner shall not be under greater liability to income-tax than he would if the original securities had been bought back or reacquired. (3) If any person has had a beneficial interest in any securities at any time during a tax year, and the result of any transaction relating to such securities or the income from it is that, in respect of such securities within such year,-- (a) either no income is received by him; or (b) the income received by him is less than what would have been if the income from such securities had accrued from day to day and been apportioned accordingly, the income from such securities for such year s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of which such person was the owner or in which he had a beneficial interest at any time during the period specified in the notice, for the purposes of this section and for the purpose of discovering whether income-tax has been borne in respect of the interest on all those securities. (8) If- (a) any person buys or acquires any securities or unit within three months before the record date; (b) such person sells or transfers- (i) such securities within three months after such date; or (ii) such unit within nine months after such date; (c) the dividend or income on such securities or unit received or receivable by such person is exempt, then, the loss, if any, arising to him on account of such purchase and sale of securities or u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... trust defined in section 2(21); or (iv) an Alternative Investment Fund defined in regulation 2(1)(b) of the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012, made under the Securities and Exchange Board of India Act, 1992 (15 of 1992.), for the purposes of entitlement of the holder of the securities or unit to receive dividend, income, or additional securities or unit without any consideration; (c) "securities" includes stocks and shares; (d) securities shall be deemed to be similar if they entitle their holders to the same rights against the same persons as to capital and interest and the same remedies for the enforcement of those rights, irrespective of any difference in the total nominal am ..... X X X X Extracts X X X X X X X X Extracts X X X X
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