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TMI BlogCompanies Act & Tax PlanningX X X X Extracts X X X X X X X X Extracts X X X X ..... Companies Act & Tax Planning X X X X Extracts X X X X X X X X Extracts X X X X ..... lowing situation: ABC (p) Ltd having two Shareholders and who are also Directors. Abc (p) Ltd acquired the 100% shares in the XYZ Public limited company , and take over of the management & control and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... make it as a 100% subsidiary company on 9/9/1998. 0n 23/3/2011, ABC (p) Ltd willing to transfer all the investment i.e, 100% holding of shares in XYZ public limited company, to the two Directors(Shar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eholders). Further, ABC (p) Ltd, Proposing to sell a Land which is a only Asset of XYZ Public limited for a substantial consideration, since the Land was acquired long years back. Query: 1. Whether, A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... BC (p) Ltd can transfer their shares in the name of two Directors(Shareholders), is it possible? If yes, Please brief according to companies Act? If No, Please explain, why it is? 2. If yes, What are ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the tax consequences in the hands of AbC (p) Ltd, two Directors, XYZ public limited company? 3. If yes, What are the steps for tax planning for transfer of Land by ABC (P ) Ltd? 4. Any other alternati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ve suggestion you may give? Reply By Rama Krishana: The Reply: I think under the provisions of Income Tax any transfer without consideration or inadequate consideration etc. to the directors would c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onstitute deemed dividend. X X X X Extracts X X X X X X X X Extracts X X X X
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