SPECIAL PROVISIONS RELATING TO COMPANIES Section 46
SPECIAL PROVISIONS RELATING TO COMPANIES
Capital Gains On Distribution Of Assets By Companies In Liquidation
Section 46 applies in case of distribution of assets by a company to its shareholders in the event of its liquidation. The tax treatment of this transaction have been explained below:
• IN THE HANDS OF THE COMPANY:
Distribution of assets by a company to its shareholders in the event of its liquidation is not regarded as transfer and thus no capital gain arises in the hands of the company.
• IN THE HANDS OF THE SHAREHOLDERS:
Capital gains shall be computed in the hands of the shareholders in the manner shown in the table given below. For determining the period of holding, the period subsequent to the date on which the company goes into liquidation shall not be considered.
Sum of Money (+) FMV of Assets Received as on the Date of Distribution Less: Deemed Dividend u/s 2(22)(c)
Full Value of Consideration for Calculating Capital Gains Less: Selling Expenses (if any)
Less: Cost of Acquisition/Indexed Cost of Acquisition (as the case may be)
Capital Gains (ST/LT)
Note: If an asset received by a shareholder from a company in the event of its liquidation is subsequently sold by him, the FMV of the asset as on the date of distribution shall be taken as its cost of acquisition.
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