Capital gain

Capital Gain Arises on transfer of Capital Assets.

Shares of Company are transfered from one person to other.

But Debenture are usually not transferred & is held by one person till it is redeemed, hence no capital gain arises

but i am asking that why debenture are never indexed.

there would be a capital gain if sold out

Debenture & Bonds are indexed at US market, in India Debenture & Bonds are not yet indexed.