Share premium received by a company exceeding book value will be taxable w.e.f 01.04.12.
If shares issued at premium partly paid before or up to 31.03.12. And call received after 01.04.12 what will tax effect?
2 Replies
CA PARAS BAFNA
(Practising CA )
(33428 Points)
Replied 20 June 2012
The phrase "receives".... " any consideration for issue of shares "... in Section 56(2)(viib) covers calls received after 1.4.2012.
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