9911796707
TMI BlogAmendment of section 56.X X X X Extracts X X X X X X X X Extracts X X X X ..... ) "relative" means,-- (i) in case of an individual-- (A) spouse of the individual; (B) brother or sister of the individual; (C) brother or sister of the spouse of the individual; (D) brother or sister of either of the parents of the individual; (E) any lineal ascendant or descendant of the individual; (F) any lineal ascendant or descendant of the spouse of the individual; (G) spous ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es of this clause,-- (a) the fair market value of the shares shall be the value-- (i) as may be determined in accordance with such method as may be prescribed; or (ii) as may be substantiated by the company to the satisfaction of the Assessing Officer, based on the value, on the date of issue of shares, of its assets, including intangible assets being goodwill, know-how, patents, copyrights, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t day of October, 2009, the whole of the aggregate value of such money shall be chargeable to income-tax under the head "Income from other sources". The second proviso to the said clause provides that the provisions of this clause shall not apply to any sum of money or any property received from any relative. Clause (e) of Explanation to second proviso of the said clause provides that the definiti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es that exceeds the face value of such shares, the aggregate consideration received for such shares as exceeds the fair market value of the shares shall be chargeable to income-tax under the head "Income from other sources". However, the said new clause shall not apply where the consideration for issue of shares is received by a venture capital undertaking from a venture capital company or a vent ..... X X X X Extracts X X X X X X X X Extracts X X X X
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