Gift received by firm or closely held company - Section 56(2)(viia)

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..... ing a public company Without Consideration , the aggregate fair market value (FMV) of which exceeds 50,000, the whole of the FMV of such shares. For a consideration which is less than FMV of shares by an amount exceeding 50,000, the aggregate fair market value of such shares as exceeds such consideration. (FMV Consideration by 50,000) Exception :- Section 56(2)(viia) shall not apply where shares a .....

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