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The buyback proceeds, which are now taxed as "dividend", will not be taxable as "capital gains" under the income tax laws. However, the cost of acquiring shares tendered in a buyback will be treated as a capital loss (either short term or long term) for shareholders, which can be offset against other capital gains or carried forward for up to eight years.

Read more at:
https://economictimes.indiatimes.com/wealth/tax/new-share-buyback-rules-from-october-1-2024-a-higher-tax-for-many-but-these-people-will-gain/articleshow/112485147.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst