Section 79 — Special provision for full value of consideration for transfer of share other than quoted share
(1) If the consideration received or accruing from the transfer of a capital
asset, being share of a company other than a quoted share, is less than the fair
market value of such share determined in the manner as may be prescribed, the
value so determined shall be deemed to be the full value of consideration received
or accruing as a result of such transfer for the purposes of section 72.
(2) The provisions of sub-section (1) shall not apply to any consideration received
or accruing as a result of transfer by such class of persons and subject to such con-
ditions, as may be prescribed.
(3) For the purposes of this section, the expression “quoted share” means the share
quoted on any recognised stock exchange with regularity from time to time, where
the quotation of such share is based on current transaction made in the ordinary
course of business.
Related sections
- Section 13 — Heads of income
- Section 14 — Income not forming part of total income and expenditure in relation to such income
- Section 15 — Salaries
- Section 16 — Income from salary
- Section 17 — Perquisite
- Section 18 — Profits in lieu of salary
- Section 19 — Deductions from salaries
- Section 20 — Income from house property
- Section 21 — Determination of annual value
- Section 22 — Deductions from income from house property
- Section 23 — Arrears of rent and unrealised rent received subsequently
- Section 24 — Property owned by co-owners
- Section 25 — Interpretation
- Section 26 — Income under head “Profits and gains of business or profession”
- Section 27 — Manner of computing profits and gains of business or profession
- Section 28 — Rent, rates, taxes, repairs and insurance
- Section 29 — Deductions related to employee welfare
- Section 30 — Deduction on certain premium
- Section 31 — Deduction for bad debt and provision for bad and doubtful debt
- Section 32 — Other deductions
- Section 33 — Deduction for depreciation
- Section 34 — General conditions for allowable deductions
- Section 35 — Amounts not deductible in certain circumstances
- Section 36 — Expenses or payments not deductible in certain circumstances
- Section 37 — Certain deductions allowed on actual payment basis only
- Section 38 — Certain sums deemed as profits and gains of business or profession
- Section 39 — Computation of actual cost
- Section 40 — Special provision for computation of cost of acquisition of certain assets
- Section 41 — Written down value of depreciable asset
- Section 42 — Capitalising impact of foreign exchange fluctuation
- Section 43 — Taxation of foreign exchange fluctuation
- Section 44 — Amortisation of certain preliminary expenses
- Section 45 — Expenditure on scientific research
- Section 46 — Capital expenditure of specified business
- Section 47 — Expenditure on agricultural extension project and skill development project
- Section 48 — Tea development account, coffee development account and rubber development account
- Section 49 — Site Restoration Fund
- Section 50 — Special provision in case of trade, profession or similar association
- Section 51 — Amortisation of expenditure for prospecting certain minerals
- Section 52 — Amortisation of expenditure for telecommunications services, amalgamation, demerger, scheme of voluntary retirement, etc
- Section 53 — Full value of consideration for transfer of assets other than capital assets in certain cases
- Section 54 — Business of prospecting for mineral oils
- Section 55 — Insurance business
- Section 56 — Special provision in case of interest income of specified financial institutions
- Section 57 — Revenue recognition for construction and service contracts
- Section 58 — Special provision for computing profits and gains of business or profession on presumptive basis in case of certain residents
- Section 59 — Computation of royalty and fee for technical services in hands of non-residents
- Section 60 — Deduction of head office expenditure in case of non-residents
- Section 61 — Special provision for computation of income on presumptive basis in respect of certain business activities of certain non-residents
- Section 62 — Maintenance of books of account
- Section 63 — Tax audit
- Section 64 — Special provision for computing deductions in case of business reorganisation of co-operative banks
- Section 65 — Interpretation for purposes of section 64
- Section 66 — Interpretation
- Section 67 — Capital gains
- Section 68 — Capital gains on distribution of assets by companies in liquidation
- Section 69 — Capital gains on purchase by company of its own shares or other specified securities
- Section 70 — Transactions not regarded as transfer
- Section 71 — Withdrawal of exemption in certain cases
- Section 72 — Mode of computation of capital gains
- Section 73 — Cost with reference to certain modes of acquisition
- Section 74 — Special provision for computation of capital gains in case of depreciable assets
- Section 75 — Special provision for cost of acquisition in case of depreciable asset
- Section 76 — Special provision for computation of capital gains in case of Market Linked Debenture
- Section 77 — Special provision for computation of capital gains in case of slump sale
- Section 78 — Special provision for full value of consideration in certain cases
- Section 80 — Fair market value deemed to be full value of consideration in certain cases
- Section 81 — Advance money received
- Section 82 — Profit on sale of property used for residence
- Section 83 — Capital gains on transfer of land used for agricultural purposes not to be charged in certain cases
- Section 84 — Capital gains on compulsory acquisition of lands and buildings not to be charged in certain cases
- Section 85 — Capital gains not to be charged on investment in certain bonds
- Section 86 — Capital gains on transfer of certain capital assets not to be charged in case of investment in residential house
- Section 87 — Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area
- Section 88 — Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area to any Special Economic Zone
- Section 89 — Extension of time for acquiring new asset or depositing or investing amount of capital gains
- Section 90 — Meaning of “adjusted”, “cost of improvement” and “cost of acquisition”
- Section 91 — Reference to Valuation Officer
- Section 92 — Income from other sources
- Section 93 — Deductions
- Section 94 — Amounts not deductible
- Section 95 — Profits chargeable to tax