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Transfer of Assets by Private Limited Company to its shareholder, Income Tax

Issue Id: - 115976
Dated: 4-2-2020
Transfer of Assets by Private Limited Company to its shareholder

  • Contents

Dear Sir/Madam,

My query is with regards to Income Tax & Companies Act.

A particular family has a business with 3 brothers of whom all are equal shareholders in a private Limited company.

All assets are registered in the name of Pvt.Ltd. Company.

Now 1 of the brother, Mr.A wants to exit the family business and in lieu of exit he needs to relinquish his shareholding in the company.

Now Mr.A gets a 2 assets of the company as part of the partition of family business & company runned by family.

Now what are the options available to Mr.A to take over & get the 2 assets of the company transferred in his name. This 2 assets, he has received are part of family settlement. Against receipt of these 2 assets, Mr.A will relinquish his shareholding in the company.

What are the options available with Mr.A to ensure that there is nominal tax liability on the company & him after transfer of 2 assets in favor of Mr.A.

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1 Dated: 9-7-2020

Got the advice of Chartered Accountant.


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