https://www.taxtmi.com/article/detailed?id=335 A liquidation distribution provision charges shareholders to capital gains tax on the market value of money or other assets received on the company's winding up, after excluding the portion characterised as dividend attributable to accumulated profits. The charge is independent of the general transfer rule, applies to any asset transferred on distribution, arises when ownership passes upon completion of winding up, and requires the assessing officer to determine market value; cost of acquisition is accounted for at the first taxable distribution and earlier losses may be set off against later receipts. en-us Wed, 15 Apr 2009 00:00:00 +0530 Wed, 15 Apr 2009 11:39:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=335 A liquidation distribution provision charges shareholders to capital gains tax on the market value of money or other assets received on the company's winding up, after excluding the portion characterised as dividend attributable to accumulated profits. The charge is independent of the general transfer rule, applies to any asset transferred on distribution, arises when ownership passes upon completion of winding up, and requires the assessing officer to determine market value; cost of acquisition is accounted for at the first taxable distribution and earlier losses may be set off against later receipts. Articles Income Tax Wed, 15 Apr 2009 00:00:00 +0530 https://www.taxtmi.com/article/detailed?id=335