Share value
This query is : Resolved
CA jyoti karamchandani
(Querist)
19 March 2014
if a share of face value of rs. 10 is deface value to rs.5?
then what amount of capital gain is to be taken????
Nikhil Kaushik
(Expert)
19 March 2014
jyoti,
can be a bit more explicit about the query...what you mean by deface? as such there should not be any capital gains if you sell something costing Rs 10 at Rs 5.
can be a bit more explicit about the query...what you mean by deface? as such there should not be any capital gains if you sell something costing Rs 10 at Rs 5.
CA jyoti karamchandani
(Querist)
22 March 2014
if company share value is rs. 10 and then the company deface the value at rs. 5 and company refund the rs.5 back to share holder?
So, Rs.5 Income under which section it will be liable???
So, Rs.5 Income under which section it will be liable???
Nikhil Kaushik
(Expert)
22 March 2014
it should not be taxable as it is the refund of share capital.
please refer ITAT Special Bench, Mumbai judgment in the case of Bennett Coleman & Co Ltd's case.
https://www.pwc.in/services/Tax/News_Alert/2011/pdf/PwC_News_Alert_5_October_2011_Bennett_Coleman_and_Co_Ltd.pdf
please refer ITAT Special Bench, Mumbai judgment in the case of Bennett Coleman & Co Ltd's case.
https://www.pwc.in/services/Tax/News_Alert/2011/pdf/PwC_News_Alert_5_October_2011_Bennett_Coleman_and_Co_Ltd.pdf
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