Section 56(2) (vi)
This query is : Resolved
10 August 2010
A PRIVATE LIMITED CO WANT TO ALLOT ITS 100000 EQ. SHARES TO AN INDIVIDUAL AT RS.10/- PER SHARE. THE FAIR MARKET VALUE OF SHARE IS RS.35/-PER SHARE.
WHETHER SECTION 56(2)(vi)OF I.T ACT,1961 IS APPLICABLE OR NOT.
WHETHER SECTION 56(2)(vi)OF I.T ACT,1961 IS APPLICABLE OR NOT.
10 August 2010
Yes the difference between the fair market value of shares and issue price will be taxable in the hands of the individual u/s 56(2)(vi)
Detailed analysis has been made here also.
https://www.caclubindia.com/experts/tax-on-repurchase-of-share-after-31-05-2010-452560.asp
Detailed analysis has been made here also.
https://www.caclubindia.com/experts/tax-on-repurchase-of-share-after-31-05-2010-452560.asp
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