Dear Sir,
You can surely buy shares of your mother in another company without any requirement.
Under Companies Act 2013 various rules has been relaxed my query asf My son is Share Holders and Director in Private Limited Company he want to buy Share held by his mother in another Private Limited Company. Whether it is allowed freely and some prior approval is required? or it it subject to some cealing/cap/limit? Rgds arun kumar dhandhania 9892400809
He can do so. He has to disclose its interest in MBP-1 in the first meeting held immediately after such change.
My friend was NRI up to 2006 there after he returned to India on permanent basis. During his NRI period he formed a Company in Singapore practicallyGift of the Shares of said Company to one of his friends who is Nepal National. Whether for gift any prior approval from RBI is required and no such approval is required?
Further, in addition my earlier to above question, question is asf MY son who is Share Holder and Director of a Private Ltd Companym how much Loan he may' take from said Company. What is its way of calculation of said Loan amount, up to his investment in Share or up to the Net Worth of said Company or other formula,. Required Resolution would be passed in Company Minutes.
My mother had made some Term Deposit in Bank. My name in Nominee there in. Bank has paid me value by Cheque and I have deposited the same in my Bank Account. Whether it would be Called Capital received by me from my mother (deceased) or I have to pay Income Tax on above value?
Dear Sir,
Your son can acquire share of her mother. He will have to just disclose his interest in MBP-1 in the first meeting held immediately after such change.
Please feel free to call/ revert in case of any doubts
Thanks and Regards
Abhishek Dugar
CA CS B.Com
Hi Uncle,
1) Yes, Mother can transfer her shares to the son, if it allowed in the AOA of the company. She can transfer her share at any price she is willing to charge and that will be her income. and she is required to disclose in her return.
That company's Company secretary will do all the ROC filing requirement for transfer of shares.
There is no approval required to become a shareholder But yes , he needs to inform the company where he is already a director through MBP 1 that he is now interested in the said company.
2) Now there are very strict rules for the loan given to Director of the company. Section 185 prohibits any company from giving loans, guarantees and securities in favor of its directors or to any other person in whom the director is interested in.
3) As you have inherited the term deposit amount is not taxable but the interest amount on that term deposit will be taxable in your hand as income from other sources. and term deposit amount you will have to show under exempt income.
Receiving short term deposit amount is capital receipt and you have to pay income tax on only interest portion.
Madam Vishankaha Agarwal, In your response point no. 1) whether the purchase price of share which mother wants to sell to son would be deducted to pay tax. or the whole sale prices would be taxable?
Madam Vishankaha Agarwal, In your response point no. 1) whether the purchase price of share which mother wants to sell to son would be deducted to pay tax. or the whole sale prices would be taxable?
MY friend was NRI up to 2006 thereafter he returned India and permanently residing in India during his NRI period he formed a Company in Singapore, which is Dormant(No Income) Now my friend want to make a Gift of Shares of said Company to one of his friend who is National of country other than India. Whether my friend need approval from RBI to make said Gift?
yes, it will calculated under capital gain. is she selling at the same price at what she has purchased then there will be no capital gain. and therefore no tax liabiliy.
As regarding your NRI friend case i dont have any idea.
Hello Sir,
My professional colleagues have replied to most of your queries. However, to clarify the your wife will have to pay tax only on the gains ie profits arising out of such sale transaction.
Regards
Keerthiga Padmanabhan