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Q. > Please Help: SECTION 115QA & 46A
As per Section 115QA, Income tax is payable on distributed income by the company on buy back of shares.
For e.g the company has issued share @ Rs.100/- to Mr.X. Mr. X sold such shares to Mr.Y for Rs.50 only. After five years, the company bought back such share at Rs.200/- per share from Mr. Y. Under section 115QA, the company is liable to pay tax on Rs.100/- only (Rs.200-Rs.100). That income of Rs.100/- is exempt income in the hand of Shareholder under section 10(34A). Now, as per section 46A, whether present Shareholders is liable to pay capital gain tax on differential amount of Rs.100 and Rs.50 or not.
Please give your opinion.
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