Budget Books
imarticus

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

tax on illegal transfer of shares.

This query is : Resolved 

08 June 2009 sir,
Please let me know whether sale consideration from illegal transfer of shares is taxable in the hands of transferor.

08 June 2009 THERE IS NOTHING MENTIONED IN LAW ABOUT ILLEGAL TRANSFER OF SHARES.HOWEVER IF SHARES ARE TRANSFERRED CAPITAL GAIN U/S 45(1) OR 111A IS TAXABLE.

09 June 2009 There is famous judgement stating that legality of a transaction has nothing to do with the taxation of same under tax laws.
So even illegal transactions are subject to tax.




You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now



Similar Resolved Queries


loading


Unanswered Queries


IIM Indor
Zoho
Budget 2023


Answer Query