Here's my take, a non-recursive version, at 66 characters: 
sub a {
$_=shift;do{$_=join'',sort/./g;$i++}while($_=(reverse)-$_)!=495;$i
#23456789012345678901234567890123456789012345678901234567890123456
}

[download]
Update #1: Ah, by borrowing an idea from MeowChow's solution, I can shave off one character :-) 
sub a {
$_=shift;do{$_=join'',sort/./g;$_=(reverse)-$_;$i++}until/495/;$i
#2345678901234567890123456789012345678901234567890123456789012345
}

[download]
Update #2: Changed shift to pop, another 2 characters off. Thanks srawls! 
sub a {
$_=pop;do{$_=join'',sort/./g;$_=(reverse)-$_;$i++}until/495/;$i
#23456789012345678901234567890123456789012345678901234567890123
}

[download]

--ZZamboni

In reply to Re: (Golf) Kaprekar's Process by ZZamboni
in thread (Golf) Kaprekar's Process by srawls

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