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        Case ID :
        Income Tax

        X Ltd., closely held company receives shares of A Ltd. (a listed public company) for 10,000 whose fair market value is 5,00,000. What is the taxability of X Ltd.?

        19 August, 2015

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        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.
                        Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              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.


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