Amalgamation

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Vasanta (Querist)
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23 December 2013 in case of Amalgamation, if the Amalgamated Co issues the purchase consideration both in the form of cash & shares.. Is cash is taxable in the hands of shareholder? or the whole purchase consideration is exempt?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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24 December 2013 Section 47(vii) is applicable in case of transfer of shares in a scheme of amalgamation.

Such transfer is not regarded as transfer subject to the condition that the consideration is received only in the form of shares in the amalgamated company.

If the consideration is partly in the form of shares and partly in cash, then the whole amount is taxable.

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