Share premium received by a company exceeding book value will be taxable w.e.f 01.04.12.
If shares issued at premium partly paid before or up to 31.03.12. And call received after 01.04.12 what will tax effect?
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Share premium taxable income
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in Section 56(2) the following clause shall be inserted with effect from the 1st day of April, 2013 (Applicable from AY-2013-14) namely:
.
(viib) where a company, not being a company in which the public are substantially interested,
receives, in any previous year, from any person being a resident, any consideration for issue of
shares that exceeds the face value of such shares, the aggregate consideration received for such shares as exceeds the fair market value of the shares:
.
The phrase "any consideration" includes calls unpaid as on 31.03.12 and being received during the current FY.
.
If Share Premium is calculated as per Net Asset Value method any case laws in favour of assesee
your answer is different if one shareholder is NRI
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