Section 151A: Gain arising on disposal of certain debt securities

5[151A. Gain arising on disposal of certain debt securities. — (1) Every custodian of debt securities including a banking company responsible to maintain Investor Portfolio Securities (IPS) Account on behalf of holder of a debt security shall at the time of disposal of debt securities including government securities deduct tax at the rate specified in Division IIIAA of Part III of the First Schedule on the gross amount of capital gain arising to such holder and deposit the same in government treasury: Provided that this section shall not apply on disposal of debt securities made through registered stock exchange and which are settled through NCCPL. (2) The capital gain arising to the holder on disposal of debt security mentioned in sub-section (1) shall be computed in accordance with the formula provided in sub-section (1A) of section 37A of the Ordinance.]

Effective date: 2001-09-13

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