Chargeability of Capital gains on shares allotted to partner in complaince with the Seciton 47 (xii) of the Inocme tax Act,1961.

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Chargeability of Capital gains on shares allotted to partner in complaince with the Seciton 47 (xii) of the Inocme tax Act,1961.
Query (Issue) Started By: - Venkateswararao Sunkara Dated:- 14-6-20 .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 10 Last Reply Date:- 19-6-2010 Income Tax
Got 2 Replies
Income Tax
Date on which period of holding and year of indexation should be computed in respect of Sale of shares by the partner (prese .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ntly share holder) allotted for compliance of section 47(xiii) of the Income Tax Act, 1961. if sale takes place in 2010 by considering the following example. 1. Constitution of Partnership firm - 1972 .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 2. Converted into company in the year-1998 and all the partners became the share holders of the Company. 3. Sale of shares one of the Partner (allotted u/s 47(xiii) in the year - 2010 Kindly explain .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... the Capital gain implications in the hands of the Share Holder(Partner) as well as the company if any. Reply By GOPALJI AGRAWAL: The Reply: The date of allotment of shares and the value for which th .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ese shares have been alloted would be considered. The indexation would be done from 1998. As such there is no capital gain in the hands of the company. Reply By DEV KUMAR KOTHARI: The Reply: The date .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... of allotment and consideration for such allotment will be considered, as righhtly pointed out by Shri Gopalji Agarwal. Take care of conditions as to lock-in-period in sub-clasue (d)of clause (xiii) o .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... f S. 47 before transferring any shares.
Discussion Forum - Knowledge Sharing .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X