TaxTMI 
TaxTMI 
TaxTMI 
BUDGET 2012 - Income from other sources
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....UDGET 2012 - Income from other sources<br>By: - CSSwati Rawat<br>Income Tax<br>Dated:- 21-3-2012<br><br>BUDGET 2012 Income from other sources Taxation of consideration for issue of shares in excess ....
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....of FMV • Where a company (in which public are not substantially interested) receives from a resident, consideration for issue of shares exceeding the face value, such consideration in excess of ....
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....the FMV will be taxable. FMV of shares to be higher of: • value as per prescribed method; or • value based on assets including intangible assets, on the date of issue of shares, as substa....
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....ntiated by the company to the satisfaction of the Revenue authorities. This provision is not applicable to consideration for issue of shares received by VCU from a VCC or VCF. Taxation of transactio....
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....ns without consideration or for inadequate consideration • Presently, any sum or property, the aggregate value of which exceeds Rs. 50,000 in a year, received by an Individual or HUF without con....
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....sideration is taxable in the hands of the Individual or HUF unless it is received from a "relative" as defined under the Income-tax Act. The definition of the term "relative" has been amended to incl....
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....ude members of the HUF. The above amendment will be effective retrospectively from 1 October 2009.<br> Scholarly articles for knowledge sharing by authors, experts, professionals ....