Question ID : 2449

Transfer of property aquired to new company for 99 year lease

Promoters of a company purchased nd Dec 05 for Rs 10 cs and transfrred the property to a new company for Rs 118 cs. This was paid by the company to the promoters the form of equity capital of 11.8 c shares of Rs 10 each Jan 06. What would be the tax implications of this transaction the hands of the proprietor while filg urns durg Asst year 2006,2007 '

Post Your Answer

Please login to post your answer.