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Whether Gift Of Unquoted Shares By One Company To Another Company Is Liable To Tax?

QUERY: What are tax implication u/s. 56(2)(viia) in respect if gift of shares by one company to another company? Would it make difference if both companies has common shareholders? If all the shareholders are relatives with each other as defined u/s. 56 would be answer be different?
ANSWER: Click here to read the full answer of the expert

Section 2(31) of the Act defines a “person”, which include (i) an individual, (ii) a HUF (iii) a company, (iv) a firm, (v) an AOP or BOI, whether incorporated or not (vi) a local authority and (vii) every artificial judicial person

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