Gift received by firm or closely held company - Section 56(2)(viia)

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Full Text of the Document

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....eing a public company * Without Consideration, the aggregate fair market value (FMV) of which exceeds 50,000, the whole of the FMV of such shares. * For a consideration which is less than FMV of shares by an amount exceeding 50,000, the aggregate fair market value of such shares as exceeds such consideration. (FMV > Consideration by 50,000) * Exception :- Section 56(2)(viia) shall not apply ....