section 47
This query is : Resolved
21 September 2010
"transfer under a gift or an irrevocable trust of a capital asset being shares ,debentures or warrants alloted by company directly or indirectly to its employees under esop in accordance with the guidelines issued by central govt"
will these r regarded as transfer or not
will these r regarded as transfer or not
Aditya Maheshwari
(Expert)
21 September 2010
Yes it will be considered ass transfer as it is execption to section 47(iii)
(iii) any transfer of a capital asset under a gift or will or an irrevocable trust :
7[Provided that this clause shall not apply to transfer under a gift or an irrevocable trust of a capital asset being shares, debentures or warrants allotted by a company directly or indirectly to its employees under 8[any Employees’ Stock Option Plan or Scheme of the company offered to such employees in accordance with the guidelines issued by the Central Government in this behalf];]
(iii) any transfer of a capital asset under a gift or will or an irrevocable trust :
7[Provided that this clause shall not apply to transfer under a gift or an irrevocable trust of a capital asset being shares, debentures or warrants allotted by a company directly or indirectly to its employees under 8[any Employees’ Stock Option Plan or Scheme of the company offered to such employees in accordance with the guidelines issued by the Central Government in this behalf];]
21 September 2010
thnx a lot but can u plz explain its exact meaning or interpretation in some detail
Aditya Maheshwari
(Expert)
21 September 2010
If shares alloted as ESOP are gifted then it is considered as transfer and liable for taxation as capital gains.
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