I work for a MNC in India which has it's stock listed on NASDAQ in USA. I get RSUs of the US stock as a part of my compensation (listed under perquisites in form 16).

Scenario:

Note that my mother, father and the HUF have almost no income.

I gift "x" amount of those vested stocks to mother, "y" amount to my father and "z" amount to my father's HUF.

Assumptions/Understanding:

(1) These gift transactions would not trigger any tax payment at both ends (giver and receiver) as they are exempted relatives.

(2) Given this transaction happens electronically (from my trading account to the receiver's trading account), a record is always available of this transaction so a Gift Deed is not required.

(3) Since the gift is not given to the spouse here so clubbing provision don't apply here.

(4) NASDAQ listed equity is counted as unlisted shares and STCG at tax slab is applied for sale under 24 months, LTCG at 20% with indexation after 24 months applies.

(5) The cost and date of acquisition of the gifted stock in the receiver's hand would be the same as me (the giver).

(6) If my mother sells "x" amount of stocks within 24 months of the date of acquisition (not gifting), STCG would apply on the profit derived from "x" amount of stocks (sale price - cost of acquisition) as a part of her normal income as per her tax slab. And given her income is almost negligible that profit (upto a max of 10 lakhs) gets taxed at a rate much lower than 34.32% (had I sold them, I would have paid at 34.32% or had I waited for LTCG to kick in, 20% with indexation benefit). Is this understanding correct?

Hi,

I am a salaried taxpayer with my residential status for AY 22-23 being ‘Ordinary Resident’. I work for a semi-government organization and was transferred from Mumbai to Hyderabad in August 2021. I received the following allowances from my employer due to the transfer:

1. Lodging Allowance per day (for temporary hotel accommodation for a 2 month period)
2. Halting Allowance per day
3. Journey Fare (Air tickets purchased by me reimbursed by my employer)
4. Local Conveyance
5. Miscellaneous Expenses
6. Allowances for transfer of belongings (including a car)

The above allowances aggregate to about Rs. 5 lakh.

I request your guidance on whether I can claim any exemption under Section 10(14)(i) of the IT Act read with Rule 2 BB of Income Tax Rules for the aforementioned allowances. I have already filed my returns for AY22-23 in July 2022 and same is yet to be verified by the IT authorities. Will file revised returns accordingly.

Would appreciate your valuable guidance. Thank You.

Sir,
One of my friend business is rent of building.
in order to maintain building need some construction work time to time.
For this purpose purchase steel,bathroom items, Glass etc.
while purchasing this we get invoice and that is reflected in our 2B.
can we claim that input.
Please advise
With regards
Binu

Xyz Pvt Ltd has 2 directors.
They want to purchase 2 ihones for themselves and 2 more mobile for employees.

Can they claim ITC on all 4 phones?

Is there any limitation on claiming ITC on purchase of mobile phone?

DEAR SIR,

CAN WE ANY ONE CAN FILE FORM UPDATED ITR U FOR THE ASS.YEAR 2021-22. WHO IS ELIGIBLE FOR FILING ITR -U. ONE WHO CAN FILE IF PREVIOUS YEAR NOT FILED ANY INCOME TAX RETURNS BELOW TAXABLE LIMIT.

PLEASE CLARIFY ME

REGARDS

whether GST can be levied on cancellation of invoice in the case of services.

Dear Sir,

One of my client has transferred my professional fees in my company's Bank account instead of transferring it to my own account. My company is registered under GST.

My query is can I directly return the money to my client from my company's account as there was no bill issued by my company.

Please help me in this matter.

Regards,
Divyesh Jain

Respected sir I want to know why interest on national debt is classified as transfer payment and therefore it is not included in national income but why it is not considered as factor income as government avails credit facilities?

I am gst registered person and paying rent of Rs1924/ per month in cash to landlord. Bill is in my personal name. I received july 2022 bill in August 2022.How will I show in my books of proprietor ship firm residential bill? What will be the required journal entries? How much gst I am required to pay? Can I claim this gst? In which month should I claim? Please advise?

One of the clients is a real estate developer under proprietorship and the project has received completion certificate in FY 2122. In this case all the bookings have been received after the issue of completion certificate and hence no gst has been collected by the builder on the same.Till FY 2021 all the expenses related to project has been shown as WIP.

However a good amt of expenses has been made after the date of completion certificate w.r.t the project. What should be the treatment of such expenses?Should it be capitalised or treated as revenue expense?

Also what method should be followed in this case. Percentage Completion Method or Project Completion Method.