TMI BlogAmendment of section 56.X X X X Extracts X X X X X X X X Extracts X X X X ..... 2009, namely: (e) relative means, (i) in case of an individual (A) spouse of the individual; (B) brother or sister of the individual; (C) brother or sister of the spouse of the individual; (D) brother or sister of either of the parents of the individual; ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Provided that this clause shall not apply where the consideration for issue of shares is received by a venture capital undertaking from a venture capital company or a venture capital fund. Explanation . For the purposes of this clause, (a) the fair market value of the shares shall be the value (i) as may be determined in accordance with su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) of sub-section (2) of the aforesaid section 56, inter alia, provide that where any sum of money, the aggregate value of which exceeds fifty thousand rupees, is received without consideration, by an individual or a Hindu undivided family, in any previous year from any person on or after the 1st day of October, 2009, the whole of the aggregate value of such money shall be chargeable to income-tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ctober, 2009. It is proposed to insert a new clause (viib) in the aforesaid sub-section so as to provide that 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
