Query regarding share transfer at nil value on Section 56(2)(viib) ,Income Tax

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 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 FM .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... V 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 .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... in this regard is solicited since the act fails to address nil value scenario. - Reply By MARIAPPAN GOVINDARAJAN - The Reply = Since it involves many issues you may consult a Chartered Accountant i .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... n this regard. - Query regarding share transfer at nil value on Section 56(2)(viib) ,Income Tax - Query Started By: - Gautam M Dated:- 25-9-2017 Income Tax - Got 1 Reply - Income Tax - Discussion F .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... orum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X