A company sold its land. a part of the consideration was received in the banks of a shareholder holding more than 10%. What are the tax implications? Would deemed dividend become applicable?
3 Replies
Kiran Hathalia
(837 Points)
Replied 30 May 2020
According to me, yes, the same shall be considered as deemed dividend. But tell me one thing, why the consideration has been credited to shareholder's account.
sabyasachi mukherjee
(27771 Points)
Replied 31 May 2020
Sabine..
Is the shareholder a promoter of the company and he holds substantial interest in the company.
Is the shareholder a promoter of the company and he holds substantial interest in the company.
Subin Mathew
(12 Points)
Replied 31 May 2020
He holds more than 40% share capital. Also I think they were unaware about this provisions.
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