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
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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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