tax on illegal transfer of shares.
This query is : Resolved
08 June 2009
sir,
Please let me know whether sale consideration from illegal transfer of shares is taxable in the hands of transferor.
Please let me know whether sale consideration from illegal transfer of shares is taxable in the hands of transferor.
08 June 2009
THERE IS NOTHING MENTIONED IN LAW ABOUT ILLEGAL TRANSFER OF SHARES.HOWEVER IF SHARES ARE TRANSFERRED CAPITAL GAIN U/S 45(1) OR 111A IS TAXABLE.
09 June 2009
There is famous judgement stating that legality of a transaction has nothing to do with the taxation of same under tax laws.
So even illegal transactions are subject to tax.
So even illegal transactions are subject to tax.
09 June 2009
Yes.
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