INCOME TAX EXEMPTION FOR STOCKS RECD

This discussion addresses whether stocks received from an employer, valued at Rs 9 lakhs and already included in Form 16 with tax deducted, are eligible for income tax exemption. The consensus is that such stocks are treated as a taxable perquisite, and generally, no specific exemption is available for assets received in lieu of cash. The tax has likely been correctly deducted at source.