Please give more information on the following subject
In an unlisted domestic company, shares are transfered from one director/relative to the director to another director/ relative to the director.
In this transaction, the amount was paid as cash form and transfer of shares can't be done till now, but in IT returns of individual directors, are showing Shares are transfered and money was received by the respective director. For the company, when ROC filing, requires change of shares and transfer certificates.
How they can provide for this in Form-7B? And is it correct to apply in Form-7B or is there any other form for the same? Where can they get Form-7B's? And for unlisted domestic company is it necessary to do all these things.
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