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56(2)

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(Querist)
15 June 2015 Is there any tax liability in the hands of individual shareholders if he received shares from private company in excess of face value but doesn't exceed market value u/s 56(2)(vii)b. in between he's liable for tax??
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
17 June 2015 you need to check out the fair value of the shares.. there is no independent market value for shares of private companies as such.

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