1Where a shareholder or a holder of other specified securities receives any consideration from any company for purchase of its own shares or other specified securities held by such shareholder or holder of other specified securities, then, subject to the provisions of section 48, the difference between the cost of acquisition and the value of consideration received by the shareholder or the holder of other specified securities, as the case may be, shall be deemed to be the capital gains arising to such shareholder or the holder of other specified securities, as the case may be, in the year in which such shares or other specified securities were purchased by the company.
Explanation.-For the purposes of this section, "specified securities" shall have the meaning assigned to it in Explanation to section 77A of the Companies Act, 1956 (1 of 1956).
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1. Ins. by Act 27 of 1999, s. 33 (w.e.f. 1-4-2000).
Section 46 Capital gains on distribution of assets by companies in liquidation
Section 46A Capital gains on purchase by company of its own shares or other specified securities
Section 47 Transactions not regarded as transfer
Section 47A Withdrawal of exemption in certain cases
Section 48 Mode of computation
Section 49 Cost with reference to certain modes of acquisition
Section 50 Special provision for computation of capital gains in case of depreciable assets