https://www.taxtmi.com/acts?id=15939 The amendment redefines "relative" to include members of a Hindu undivided family for exemption under section 56, effective retrospectively, and adds a provision taxing as income from other sources any consideration received by a closely held company for issue of shares that exceeds fair market value, subject to an exception for venture capital undertakings and allowing the company to substantiate fair market value to the assessing officer; effective from the stated later date. en-us Fri, 16 Mar 2012 14:28:01 +0530 Fri, 16 Mar 2012 17:35:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=15939 The amendment redefines "relative" to include members of a Hindu undivided family for exemption under section 56, effective retrospectively, and adds a provision taxing as income from other sources any consideration received by a closely held company for issue of shares that exceeds fair market value, subject to an exception for venture capital undertakings and allowing the company to substantiate fair market value to the assessing officer; effective from the stated later date. Act-Rules Bills Fri, 16 Mar 2012 14:28:01 +0530 https://www.taxtmi.com/acts?id=15939