https://www.taxtmi.com/article/detailed?id=1665 Excess consideration received by a closely held company from a resident for issue of shares over face value is taxable to the extent it exceeds fair market value; FMV is the higher of the prescribed-method valuation or an asset-based valuation substantiated by the company. The rule excludes consideration received by a venture capital undertaking from a venture capital company or fund. Additionally, sums or property received without consideration by an Individual or HUF above the statutory threshold are taxable unless received from a relative, with the definition of relative expanded to include HUF members and applied retrospectively. en-us Wed, 21 Mar 2012 07:51:05 +0530 Wed, 21 Mar 2012 07:51:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1665 Excess consideration received by a closely held company from a resident for issue of shares over face value is taxable to the extent it exceeds fair market value; FMV is the higher of the prescribed-method valuation or an asset-based valuation substantiated by the company. The rule excludes consideration received by a venture capital undertaking from a venture capital company or fund. Additionally, sums or property received without consideration by an Individual or HUF above the statutory threshold are taxable unless received from a relative, with the definition of relative expanded to include HUF members and applied retrospectively. Articles Income Tax Wed, 21 Mar 2012 07:51:05 +0530 https://www.taxtmi.com/article/detailed?id=1665