Section 56
This query is : Resolved
Kapildeo Choudhary
(Querist)
21 April 2010
An individual purchased unqoted equity shares for a consideration which is below the fair market value.
Fair market value of unquoted equity shares minus consideration paid will be taxable under section 56 or not?
An individual/huf/ can purchase equity shares of Private Limited Company for a consideration below the fair market value or not?
Fair market value of unquoted equity shares minus consideration paid will be taxable under section 56 or not?
An individual/huf/ can purchase equity shares of Private Limited Company for a consideration below the fair market value or not?
Aditya Maheshwari
(Expert)
01 May 2010
w. e. f. 01.10.2009 if an individual / huf purchase equity shares of Private Limited Company for a consideration below the fair market value from a non relative then if the diffence between the fair value and sale value is more than Rs. 50,000 the same will be liable for tax u/s 56 as gift
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