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of <h1>Section 46: No Capital Gains Tax for Direct Asset Distribution in Company Liquidation; Rules for Shareholders Explained.</h1> Section 46 of the Income Tax Act addresses capital gains related to the distribution of assets by companies in liquidation. For companies, no capital gains tax is charged when assets are distributed directly to shareholders. However, if a liquidator sells the assets and then distributes the proceeds, the company must pay tax on the capital gains. For shareholders, capital gains are calculated based on the money or market value of assets received, minus any deemed dividends and acquisition costs. Non-resident shareholders are also subject to these provisions, with dividends considered income arising in India.
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