Please Help: Incometax
Posted Date : 04-May-2013 , 05:42:03 pm | Posted By: Rekha
Category :
Income Tax | Answers :
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Whether Sec 56 of Income tax Act 1961 apply if closely held company wants to issue its share at less than its Book Value |
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| Posted By : CA Pardeep Chanana |
08-May-2013, 01:30:49 |
| Provisions of section 56(viib) would apply if the aggregate consideration received for such shares exceeds the fair market value of the shares. In case shares are issued at less than its book value but exceeding fair market value provion of section 56 would become applicable. |
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