Related party disclosure

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 March 2014 Hi All,

An Indian Company is a wholly owned subsidiary of a USA Company and that USA Company is in turn a wholly owned subsidiary of a UK Company.
1. Are the Indian Company and UK Company related parties for the purpose of Companies Act and Income Tax Act?
2. Is the case different if the US company is not a wholly owned subsidiary of the UK Company?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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20 March 2014 1. yes as there is indirect control of uk co in indian co.

2.then how much control does uk have in us and us in india mention that...

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Querist : Anonymous

Querist : Anonymous (Querist)

21 March 2014 US company holds 99.99% shares of Indian Company and UK Company holds 50% shares of the US Company.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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21 March 2014 then again the ans is yes..............

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