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Query regarding share transfer at nil value on Section 56(2)(viib) ,Income Tax, Income Tax |
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Query regarding share transfer at nil value on Section 56(2)(viib) ,Income Tax |
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Hello, The financial investor in a pvt ltd company exited his investment by transferring all the shares to wife of promoter at nil value ie no money was exchanged. The company is loss making and FMV was not calculated. Is this liable for tax u/s 56(2)(viib) ? How can tax be levied if no commercial transaction has occurred? Also does the company have any exposure in this regard. Expert advice in this regard is solicited since the act fails to address nil value scenario. Posts / Replies Showing Replies 1 to 1 of 1 Records Page: 1
Since it involves many issues you may consult a Chartered Accountant in this regard. Page: 1 Old Query - New Comments are closed. |
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