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?
CA PARAS BAFNA
(Practising CA )
(33423 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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