53M. Collection of tax from transfer of securities or mutual fund units by sponsor shareholders of a company etc.-

[53M. Collection of tax from transfer of securities or mutual fund units by sponsor  shareholders  of  a  company  etc.- 

The  Securities  &  Exchange Commission or Stock Exchange, as the case may be, at the time of transfer or declaration of transfer or according consent to transfer of securities or mutual fund  units  of  a  sponsor  shareholder  or  director  or  placement  holder  of  a company or sponsor or placement holder of a mutual fund listed with a stock Exchange  shall  collect  tax  at  the  rate  of  five  percent  on  the  difference between transfer value and cost of acquisition of the securities or mutual fund units.

Explanation.—For the purpose of this section-

(1)  'transfer'  includes  transfer  under  a  gift,  bequest,  will  or  an irrevocable trust;

(2)  'transfer  value'  of  a  security  or  a  mutual  fund  units  shall  be deemed  to  be  the  closing  price  of  securities  or  mutual  fund  units prevailing  on  the  day  consent  accorded  by  the  Securities  and Exchange Commission or the Stock Exchange, as the case may be, or where such securities or mutual fund units were not traded on the day
such  consent  was  accorded,  the  closing  price  of  the  day  when  such securities or mutual fund units were last traded.]

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