Transfer of Shares from Non Resident to Resident??
This query is : Resolved
26 January 2009
What is the procedure to transfer shares from a non resident to a resident indian?
What are its implications on the following:
1. Companies Act, 1956
2. IncomeTax Act
3. FEMA
4. Stamp Act.
What are its implications on the following:
1. Companies Act, 1956
2. IncomeTax Act
3. FEMA
4. Stamp Act.
CS Vivek Hegde
(Expert)
27 January 2009
1. As per companies act u need to execute a transfer deed evidencing the transfer.
3. As per FEMA u should file a form calld FC-TRS(Revised) with RBI within 30 days of transfer. Also u should get the valuation certificate from the CA.
4. As per stamp act in State where the share transfer deed is executed u need t pay the stamp duty.
For example: In karnataka u need to pay Pe.0.25 per Rs 100(value of share)
3. As per FEMA u should file a form calld FC-TRS(Revised) with RBI within 30 days of transfer. Also u should get the valuation certificate from the CA.
4. As per stamp act in State where the share transfer deed is executed u need t pay the stamp duty.
For example: In karnataka u need to pay Pe.0.25 per Rs 100(value of share)
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