A company sold its land. a part of the consideration was received in the banks of a shareholder holding more than 10%. What are the tax implications? Would deemed dividend become applicable?
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Tax Implications
Replies (3)
According to me, yes, the same shall be considered as deemed dividend. But tell me one thing, why the consideration has been credited to shareholder's account.
Sabine..
Is the shareholder a promoter of the company and he holds substantial interest in the company.
Is the shareholder a promoter of the company and he holds substantial interest in the company.
He holds more than 40% share capital. Also I think they were unaware about this provisions.
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