Section 56 (2) (vii) b
This query is : Resolved
10 October 2017
Section 56 (2) (vii) b applicable to foreign nationals ?
In a closely held company if shares are issued to a foreign national at premium , the premium amount above the FMV of shares is taxable ?
Non Residents are exempted.This exemption applicable to foreigners also ?
In a closely held company if shares are issued to a foreign national at premium , the premium amount above the FMV of shares is taxable ?
Non Residents are exempted.This exemption applicable to foreigners also ?
K Srinivas, CMA CS
(Expert)
10 October 2017
Exemption applicable to foreign nationals as the Section 56 (2) (vii) b mentions "non- resident" and not nationality.
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