Counsel
Ask an expert!
Legal, accounting and compliance advice from qualified professionals.
Being a director in a private company is not allowed in your terms of employment with Govt. Hence it is better to resign from either one of the positions so that you can continue to hold the other without any hassles.
Your shares are your personal asset and you may continue to hold it. If you do not want to hold it you can transfer the s...
Wazzeer Professional Network
ProfessionalI have 50% share holding,now if I quit the company,then what should I do with my shares.And what should be the docs for the proof of share-holding?
One more thing,can I be the director of company and Govt employee as well?
-
Wazzeer Professional Network
ProfessionalBeing a director in a private company is not allowed in your terms of employment with Govt. Hence it is better to resign from either one of the positions so that you can continue to hold the other without any hassles.
Your shares are your personal asset and you may continue to hold it. If you do not want to hold it you can transfer the same to any other person (including and not limiting to the other shareholders of the company) for a profit or at par. If you transfer the shares on Par there won't be any income tax liability on you. However, if you make the transfer it for the profit, then the profit will be a taxable income.
Company issues share certificates which act as proof of your shareholding.
over 2 years ago
View answer
I have 50% share holding,now if I quit the company,then what should I do with my shares.And what should be the docs for the proof of share-holding?
One more thing,can I be the director of company and Govt employee as well?
-
Wazzeer Professional Network
ProfessionalBeing a director in a private company is not allowed in your terms of employment with Govt. Hence it is better to resign from either one of the positions so that you can continue to hold the other without any hassles.
Your shares are your personal asset and you may continue to hold it. If you do not want to hold it you can transfer the same to any other person (including and not limiting to the other shareholders of the company) for a profit or at par. If you transfer the shares on Par there won't be any income tax liability on you. However, if you make the transfer it for the profit, then the profit will be a taxable income.
Company issues share certificates which act as proof of your shareholding.
over 2 years ago
Looking to hire a professional from our handpicked community?
Explore our services, submit your request and let us do the rest for you.