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<h1>Tax Alert: Section 56(2)(viia) Governs Gift Taxation for Certain Companies, Excludes Fresh Share Issuance Per Circular No. 10/2018.</h1> Section 56(2)(viia) of the Income Tax Act addresses the taxation of gifts received by firms or closely held companies, excluding public companies, from any person between June 1, 2010, and April 1, 2017. If such entities receive shares without consideration and the fair market value (FMV) exceeds 50,000, the entire FMV is taxable. If shares are received for consideration less than FMV by over 50,000, the excess FMV is taxable. Exceptions include shares received through business reorganizations not considered transfers under specified clauses of Section 47. Circular No. 10/2018 clarifies these provisions do not apply to fresh share issuances.
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