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purchase of shares in private limited company

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(Querist)
23 November 2008 Can a non member buy shares in a privated limited company from members at different prices.Whether fair value should remain same for all purchases. What is the implication under Income tax act , if purchased less than fair value.
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Jitender

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Jitender (Expert)
23 November 2008 it can be bought at any negotiable price but capital gain tax is to be paid as transaction is not going to happen at stock exchange.
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
24 November 2008 The transaction for purchase of shares is first to be approved from the Board of Directors of the company whose shares are sought to be acquired.
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