Section 56(viia)
This query is : Resolved
ANIL AGARWAL
(Querist)
25 May 2016
PVT. LTD. CO. ISSUED 10.00 lacs SHARES AT PAR 10/- TO ANOTHER PVT. CO. FOR 100.00 LACS DURING THE F.YR. 2015-16 DESPITE HAVING B.V OF 196/- PER SHARE. TOTAL PAID UP CAPITAL BEFORE ISSUE 1.00 LACS AND RESERVES SURPLUS 18.60 LACS. APPLYING THE SECTION 56(viia) TAX WILL LEIVED 186/- PER SHARE. THE TOTAL AMOUNT COMES TO [186*10 LACS ] 18,60,00,000/- IS THE SAME CORRECT. PLEASE REPLY
Rupesh Jain
(Expert)
25 May 2016
YES IT TAKE THE INCOME AND YOU HAVE TO PAY THE TAX ON THAT AMOUNT
ANIL AGARWAL
(Querist)
25 May 2016
THANKS, BUT HOW THE 18.6 CRORES (186*10.00 LACS SHARES) WILL BE TAXABLE AGAINST THE INVESTMENT OF 1.00 CRORE BY INVESTING COMPANY. THE TAX AMOUNT AT 30% ON 18.60 CRORES WILL 5.58 CRORES, WHEREAS INVESTMENT IS 1.00 CRORE, IS THIS LOGICAL?
23 July 2025
https://docs.google.com/document/d/1UMCJvQIdf3QgnxtSUH8zPPTznpZ-mr6yzybjtMg2gBE/edit?usp=sharing
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