Transaction not regarded as transfer
This query is : Resolved
04 August 2013
A wholly owned subsidiary carrys 10000 RIL shares which was bought 9 months before @ 700/- and now due to some internal arrangement transfer to holding company at same value. Whether there will be any capital gain in case if shares value as on date of transfer is 900/- per shares. At what value this transaction will be taken place for the purpose of income tax act.
08 August 2013
Section 47 of the Income Tax Act deals with transactions not regarded as transfer.
This case is covered u/s 47 and accordingly there is no tax liability involved.
This case is covered u/s 47 and accordingly there is no tax liability involved.
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