TaxTMI Login
Just a moment...
By creating an account you can:
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
All TMI Notes
of Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
All TMI Notes
Join Channel
Note
Bookmark
Share
Don't have an account? Register Here
Chapter No. 03 - Other Sources - Gift receieved by firm or closely held company [Sec. 56(2)(viia)]
Nothing shall be taxable since X receives shares of a listed public company, hence not covered by 56(2)(viia).
Taxability of discounted transfers to closely held companies: listed company shares are excluded from gift inclusion, so not taxable. Receipt of listed public company shares by a closely held company for consideration below fair market value does not attract tax under the provision addressing gifts to firms and closely held companies, because shares of a listed company are excluded from that inclusion and therefore are not characterized as taxable income from other sources under that rule. of Press 'Enter' after typing page number.
TaxTMI 
