Tax on free debentures received against equity shares
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 April 2015
Hi,
I recd free debentures against equity shares i held in a public ltd co.
I have not sold these shares or the debentures.
Am I required to pay any tax on debentures received.
Also Will Interest received on debentures a taxable income.
pls guide me
I recd free debentures against equity shares i held in a public ltd co.
I have not sold these shares or the debentures.
Am I required to pay any tax on debentures received.
Also Will Interest received on debentures a taxable income.
pls guide me
04 April 2015
You need not to pay any tax on debenture received. However, interest received on debenture is taxable.
04 April 2015
Apart from this as you have transferred shares you have to pay capital gain tax if the shares transferred were sold without paying the stt.
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