Regarding section 56(2)(viib)
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 March 2014
If a company has received application money before applicability of section 56(2)(viib) i.e. before 1st April, 2013 but allotment has been made after 1st April, 2013. Then also the difference between the amount of FMV and the price on which the shares has been alloted i.e. premium amount is taxable or not?
Nikhil Kaushik
(Expert)
14 March 2014
the section is applicable from 1 April 2012. so it is immaterial whether money was received before or after April 2013. It difference between FMV and paid prive shall be taxable.
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