Finance Act 2010 - Newly inserted Sec 56(2)(viia) & Related amendments..

NewSec56(2)(viia)
Trf of shares without/inadequate consideratn to attract provision of 56(2)in case of recipient FIRM & COMPANIES also if FMV or DIFFERENCE exceed 50000

Exceptions to 56(2)(viia)-Trf of shares OF/TO a public company

ExemptedTransactions:47(via),(vic),(vicb),(vid),(vii)

RelatedAmendments
*Sec2(24)Definition of Income now include money/property ofSec56(2)(vii)&(viia)
*Sec49(4)forCapitalGain on trf of assets of 56(2)(vii)&(viia), COA=Value tkn in (vii)&(viia)