transfer of shares
This query is : Resolved
28 April 2011
A foreign company registered in USA and all the shares of the company are acquired by the Indian individual now Indian individual wants to transfer their shares to Indian company. Plz any one tell me what is the procedure and applicable law.
29 April 2011
here is transfer is done according to US law...not according to indian laws
02 May 2011
First of all US laws need to be understood. Then there are implications under FEMA for the same .
First of all clarify under which scheme of FEMA does the individual purchase shares in US Company. Whether it was 2 lakh dollar scheme or approval from RBI was taken for the same.
On purchase of such shares by Indian Company the provisions of outbound Investment shall come into Picture. Filing of Form ODI and yearly filing of Statement of Assets & Liabilities needs to be done.
There shall be Income Tax issues in the transaction which also needs to be looked into.
Anuj
0-9810106211
First of all clarify under which scheme of FEMA does the individual purchase shares in US Company. Whether it was 2 lakh dollar scheme or approval from RBI was taken for the same.
On purchase of such shares by Indian Company the provisions of outbound Investment shall come into Picture. Filing of Form ODI and yearly filing of Statement of Assets & Liabilities needs to be done.
There shall be Income Tax issues in the transaction which also needs to be looked into.
Anuj
0-9810106211
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Sale of property furniture sale
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Tds on building rent monthly
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
