gift of shares
This query is : Resolved
16 October 2009
AS per the new rules from Oct'09 the recipient of not cash gifts are also taxable under Income Tax.
In case of gift of shares in an unlisted company what should be taken as the value of the Gift - Can we take the book value or any other method of valuation is prescribed??
Thanks
AS per the new rules from Oct'09 the recipient of not cash gifts are also taxable under Income Tax.
In case of gift of shares in an unlisted company what should be taken as the value of the Gift - Can we take the book value or any other method of valuation is prescribed??
Thanks
sunny bansal
(Expert)
16 October 2009
As per section 56(2),
in case of gift in kind if value exceeds Rs.50000.00, value should be the fair market value on the date of tranfer.
in case of gift in kind if value exceeds Rs.50000.00, value should be the fair market value on the date of tranfer.
CA Suresh Choudhary
(Expert)
16 October 2009
Agree with expert
17 October 2009
Fair market value of unlisted securities may be an issue . U can take the stamp duty value or the book value
CA CHINTAN AJMERA
(Expert)
18 October 2009
I think u should take Book Value as on date.
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