Employee stock option transfers excluded from capital asset clause when gifted or placed in irrevocable trusts; shareholder value threshold clarified. Amendment to section 47 excludes transfers by gift or into an irrevocable trust of capital assets that are shares, debentures or warrants allotted to employees under an Employees' Stock Option Plan or Scheme, and replaces the shareholder test in a related clause with a requirement that the shareholders holding not less than three-fourths in value of the shares satisfy the qualification.
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Provisions expressly mentioned in the judgment/order text.
Employee stock option transfers excluded from capital asset clause when gifted or placed in irrevocable trusts; shareholder value threshold clarified.
Amendment to section 47 excludes transfers by gift or into an irrevocable trust of capital assets that are shares, debentures or warrants allotted to employees under an Employees' Stock Option Plan or Scheme, and replaces the shareholder test in a related clause with a requirement that the shareholders holding not less than three-fourths in value of the shares satisfy the qualification.
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