sumeet singh (XYZ) (25 Points)
20 July 2010Can anyone kindly tell me if there are any formalities to be followed in case of a transfer of shares of a private ltd company held by a non resident company to another non resident company?I believe regulation 9 o FEMA 2000 deals with this but does not go into detail.also, is there any tax issue involved in this?
CA. Anuj Gupta
(Practices in NRI Int.Tax FEMA TP FDI/FIPB & FCRA)
(7024 Points)
Replied 23 March 2011
Yes the tax issues similliar to Vodafone are involved in this case, or shall I say the income being generated shall be taxable in the hands of seller. Form FC-TRS is also required to be filed under FEMA.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
CAclubindia
