Can anyone kindly tell me if there are any formalities to be followed in case of a transfer of shares of a private ltd company held by a non resident company to another non resident company?I believe regulation 9 o FEMA 2000 deals with this but does not go into detail.also, is there any tax issue involved in this?
Yes the tax issues similliar to Vodafone are involved in this case, or shall I say the income being generated shall be taxable in the hands of seller. Form FC-TRS is also required to be filed under FEMA.
Shyam Joshi & Associates
Pune
B.Com
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Aggarwal Sarawagi and Co
New Delhi
CA
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