we, two partners, are running a Pvt. Ltd. company but due to some reasons we registered the company in the name of our cousins and therefore the shares are in their name in the ratio of 50:50
face value of the shares is Rs.10
company has been in profit since the launch.
now we want to get the company in our name or buy the shares from them, my querries are as follows:-
1. can we purchase the shares at face value i.e. Rs.10? if we do this then what will be tax implications?? we do not want to put our cousins in any situation so we would like to bear all tax implications on us.
2. are cousins comes under RELATIVES in Gift Act.
Please suggest best way to go ahead.