Dealings in shares
NATARAJAN, S
Dealings in shares Taxation aspects - 2013 - 1481-1485
A new subclause (2) (vii b) under section 56 of the income tax act has been introduced vide Finance Act 2012 applicable only to a corporate assessee. The Act amended section 56(2) of the act and takes effect from April 1, 2013. The new sub clauseprovides the if a company, in which the public is not substantially interested, issues shares to any person resident in India for a consideration exceeding the fair market value of such shares, then the aggregate consideration so exceeding the fair market value will stand taxed as income from other sources.
STOCK MARKET
332.6322
Dealings in shares Taxation aspects - 2013 - 1481-1485
A new subclause (2) (vii b) under section 56 of the income tax act has been introduced vide Finance Act 2012 applicable only to a corporate assessee. The Act amended section 56(2) of the act and takes effect from April 1, 2013. The new sub clauseprovides the if a company, in which the public is not substantially interested, issues shares to any person resident in India for a consideration exceeding the fair market value of such shares, then the aggregate consideration so exceeding the fair market value will stand taxed as income from other sources.
STOCK MARKET
332.6322