Taxation of bonus shares: fair market value treated as capital gains after statutory thirty-day period; early transfers excluded. Amendment deems recipients of bonus shares (not issued wholly from the share premium account) chargeable to income-tax under the head Capital gains on the fair market value of such shares as of the date next following the thirty-day period from allotment, treated as income of the previous year in which that date falls; excludes shares in stock-in-trade and allotments before 1 April 1964; section 48 does not apply; treated as capital assets other than short-term. Transfers before expiry of the thirty-day period exclude profits from total income; otherwise transfers are includible in the year of transfer.
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Taxation of bonus shares: fair market value treated as capital gains after statutory thirty-day period; early transfers excluded.
Amendment deems recipients of bonus shares (not issued wholly from the share premium account) chargeable to income-tax under the head Capital gains on the fair market value of such shares as of the date next following the thirty-day period from allotment, treated as income of the previous year in which that date falls; excludes shares in stock-in-trade and allotments before 1 April 1964; section 48 does not apply; treated as capital assets other than short-term. Transfers before expiry of the thirty-day period exclude profits from total income; otherwise transfers are includible in the year of transfer.
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