[aaykarbhavan] Transfer of shares under a family arrangement to equalize the wealth of family members won’t be deemed as gift

 

Transfer of shares under a family arrangement to equalize the wealth of family members won't be deemed as gift

October 15, 2014[2014] 49 taxmann.com 91 (Ahmedabad - Trib.)

IT : An equalization of wealth has only monetary connotation; transfer of shares/assignment of right by members to a family company in terms of family arrangement for equalization of wealth among members in family company cannot be said to be voluntary and, hence, cannot be held to be gift; income therefrom to be considered in computing book profit

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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