Treatment of amount received by director of foreign company on sale of company?

Indian resident who is director of foreign company received approximately 2-3 crore at the time of transfer of company, how that income become taxable to that person? 

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Quick Summary
An Indian resident who is a director of a foreign company received a significant sum (2-3 crore) upon the company's transfer. This discussion explores how this income becomes taxable for the individual in India. The foreign company in question is established outside of India.

Is such foreign co. in india or outside India?
Foreign company established outside India

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