Sell Purchase of Shares of Private Ltd. Co.

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.

Replies (2)

in private limited comapny there is restrction of transfer of shares ,if you wants to transfer of share you have to transfer as per CCI guidelines

in private limited comapny there is restrction of transfer of shares ,if you wants to transfer of share you have to transfer as per CCI guidelines

not at book value of rs 10

Relative- spouse,brotheror sister ,brother or sister of spouse,brother or sister of either of the pareants of individual (UNCLE,Aunt) ,any lineal ascendemant or desendent of individual or spouse of individual

 

so cousion is not incliuded in the defination of realative

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