Please Help: incometax
Posted Date : 29-Mar-2014 , 11:51:02 am | Posted By himani
Dear Sir As I am working in a public ltd Company my give loan to other public ltd co. now receving co. convert loan into equity shares so i want to know what is the tax liability or any other tax provision for this loan amount is 437410000 kindly update me sa soon as possible.
Category : Income Tax | Answers : 0 | Comments : 2 | Hits : 174
Answers
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Gaurav Mittal
31-Mar-2014 , 02:31:10 pmhow can the receiving company treat a loan as a share money. It is illegal. moreover they have to check the value at which the share is transferred. if the amount is greater than the fmv of share of the company than such excess amount would be taxable as income from other sources attracting 30% tax. In case of furthur query CA Gaurav Mittal +91-9971312299
SUBHASH KUMAR JHA
01-Apr-2014 , 11:15:02 amThere is no tax liability.