https://www.taxtmi.com/article/detailed?id=1657 The proposed amendment to section 56(2) revises the definition of "relative"-explicitly treating any member of an HUF as a relative-and inserts clause (viib) to tax, as income, aggregate consideration for shares issued by closely held companies that exceeds fair market value when shares are issued to residents, subject to a venture capital undertaking exception and valuation determined by prescribed methods or by company substantiation to the Assessing Officer. en-us Mon, 19 Mar 2012 13:16:14 +0530 Mon, 19 Mar 2012 13:16:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1657 The proposed amendment to section 56(2) revises the definition of "relative"-explicitly treating any member of an HUF as a relative-and inserts clause (viib) to tax, as income, aggregate consideration for shares issued by closely held companies that exceeds fair market value when shares are issued to residents, subject to a venture capital undertaking exception and valuation determined by prescribed methods or by company substantiation to the Assessing Officer. Articles Income Tax Mon, 19 Mar 2012 13:16:14 +0530 https://www.taxtmi.com/article/detailed?id=1657