Where a firm or closely held company received from any person any property being shares of closely held company without consideration:
A. The whole of the fair market value of the shares shall be taxable
B. The whole of the FMV shall be taxable if it exceeds ₹ 50,000
C. The whole of FMV shall be exempt
D. The whole of the cost of such shares shall be exempt
Answer:A
Where a firm or closely held company received from any person any property being shares of closely held company without consideration:
A. The whole of the fair market value of the shares shall be taxable B. The whole of the FMV shall be taxable if it exceeds ₹ 50,000 C. The whole of FMV shall be exempt D. The whole of the cost of such shares shall be exempt