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X Ltd., closely held company receives shares of A Ltd. (a listed public company) for 10,000 whose fair market value is 5,00,000. What is the taxability of X Ltd.? |
Chapter No. 03 - Other Sources - Gift receieved by firm or closely held company [Sec. 56(2)(viia)] Nothing shall be taxable since X receives shares of a listed public company, hence not covered by 56(2)(viia).
Dated: 19-8-2015
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