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section 56
company gets it's unsecured loan converted into share application money. is it will attract any tax liability under section 56.please help
Replies (4)
no tax liability
in the hand of shareholders???
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
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
thank u buddy
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