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TMI BlogCompanies Act & Tax PlanningX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear Experts, Please consider the following situation: ABC (p) Ltd having two Shareholders and who are also Directors. Abc (p) Ltd acquired the 100% shares in the XYZ Public limited company , and take over of the management control and make it as a 100% subsidiary company on 9/9/1998. 0n 23/3/2011, ABC (p) Ltd willing to transfer all the investment i.e, 100% holding of shares in XYZ public li ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mited company, to the two Directors(Shareholders). Further, ABC (p) Ltd, Proposing to sell a Land which is a only Asset of XYZ Public limited for a substantial consideration, since the Land was acquired long years back. Query: 1. Whether, ABC (p) Ltd can transfer their shares in the name of two Directors(Shareholders), is it possible? If yes, Please brief according to companies Act? If No, Please ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... explain, why it is? 2. If yes, What are the tax consequences in the hands of AbC (p) Ltd, two Directors, XYZ public limited company? 3. If yes, What are the steps for tax planning for transfer of Land by ABC (P ) Ltd? 4. Any other alternative suggestion you may give? - Reply By Rama Krishana - The Reply = I think under the provisions of Income Tax any transfer without consideration or inadequate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... consideration etc. to the directors would constitute deemed dividend. - Companies Act & Tax Planning - Query Started By: - Ysil Karunai Dated:- 17-2-2011 Income Tax - Got 1 Reply - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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