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Clause 26 of the Bill seeks to insert a new section 50CA in the Income-tax Act relating to special provision for full value of consideration for transfer of share other than quoted share.
It is proposed to provide that in case of transfer of shares of a company other than quoted share, the fair market value of such shares determined in the prescribed manner shall be deemed to be the full value of consideration for the purpose of computing income chargeable to tax as capital gains.
It is also proposed to define the term “quoted share”.
This amendment will take effect from 1st April, 2018 and will, accordingly, apply in relation to the assessment year 2018-2019 and subsequent years.
Fair market value deemed consideration for unquoted share transfers, altering capital gains valuation under prescribed rules. The fair market value of unquoted company shares, determined in the prescribed manner, is to be deemed the full value of consideration for computing capital gains on transfer; a statutory definition of 'quoted share' is to be provided and the rule applies prospectively from the stated effective date.
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