flat given to directors

This query is : Resolved

CMA. CS. Sanjay Gupta (Querist)
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05 March 2010 An NBFC Company constructed a residential complex. The company sold 70% of the complex at market rate to the outsiders and balance 30% was given ownership to three directors at free of cost. The company has only three directors and all are active directors. They does not receive any remuneration. The market price of each flat is Rs. 25 Lacs.
can any one suggest what is tax provision ?
Its Urgent.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Querist)
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13 August 2010 SOLVED.

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