section 56


harshita (ca finalist)     31 March 2019

harshita
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company gets it's unsecured loan converted into share application money. is it will attract any tax liability under section 56.please help

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Priya Kashyap (Student)     31 March 2019

Priya Kashyap
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no tax liability

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harshita (ca finalist)     31 March 2019

harshita
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in the hand of shareholders???

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Priya Kashyap (Student)     31 March 2019

Priya Kashyap
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for such transfer special resolution must be passed in the company prior taking loan and file mgr 14 within period of 39 days.
coming to the tax liability in the hands of shareholders- no liability shall be born but in case of dividend distribution as the case may be ITA,1961

prefer to get someone else's view also

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harshita (ca finalist)     31 March 2019

harshita
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thank u buddy

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