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Asked by Ganesh on July 13, 2019, 3:26 p.m.
Hello,I am confused about the correct entry row for LTCG for debt mutual funds ( closed ) in ITR2 form ( 2019-20 ).Should it at B9 where assets for B1-B8 is not applicable ?Thanks for your support.Ganesh ( Bangalore )
Asked by Kanishka on June 25, 2019, 7:49 p.m.
Are director's loan also to be mentioned in DPT-3?
My sister wishes to remit some money as a gift to my spouse. Please explain whether this gift income would be taxed in my hands.
Any gift received from a blood ‘relative’ is exempt even beyond the limit of Rs 50,000 (‘relative’ in this case is defined as spouse, brother or sister, spouse’s brother or sister, parents and lineal ascendants of individual or his spouse, siblings of parents of individual or his spouse) Since the gift giver is your sister and defined as a relative, you would not be required to pay any tax on such gift received by your spouse.In a nutshell, as an NRI, if you make gifts to people in India, the onus of paying tax in India would be on the recipients. Recipients in India who are ‘relatives’ would not have to pay any tax while non-relatives would have to pay tax on gifts in excess of Rs 50,000.
Two companies are incorporated with the same set of shareholders, are they the same or distinct under the companies act 2013?
They are distinctive, that is, they will be treated as different persons by the law, and they will be taxed separately.A company has its own legal existence, its own share capital to progress its activities. What's more, it is created by law, it can hold properties in its name, it can enter into a contract with another person in its name. This basically means that the company is above and beyond the persons operating them.So, to answer your question, if two companies are incorporated with the same set of shareholders, still, they will be treated like two distinct taxable entities by the Companies act.It is pertinent to note here that the directors have to disclose their interest in other companies while signing up for a new company. Thus the Registrar of Companies shall know that both the companies are operated by the same people, but they will be treated as different persons taxwise nonetheless.Click Here for more news