Hi this question is regarding Foreign Assets. I work at a company in India which is listed in US and I have some company shares. Till now I have listed all the shares I have in FA section of the form. This year I sold an ESPP lot as soon as it got vested(Quick Sell Option).
My first question is, do I show this in FA section and if yes how would that entry look like?
Example I have 10 shares and total purchase price was 85 and total selling price was 100. How would this entry look like in the FA Section under these columns.
Initial value of the investment Peak Balance During the Year Closing balance Total gross amount paid/credited with respect to the holding Total gross proceeds from sale or redemption of investment
Secondly, the tax for the 15% discount I got in ESPP purchase as an employee was already deducted from my salary. Do i need to show this in capital gains and if yes how do I show that tax is already paid?
I am trying to download COmpany incorporation certificate and the system keeps shows error in MCA portal.
My mother sold a house for 50 Lacs. She has filed tax on the capital gain. I am an NRI and living in Australia. Now she wants to transfer the money to my Australian bank account through net banking. Is there any document/gift deed required for her to prepare? Or will she get any query from the income tax dept/Fema for the same?
Hello SIr. As per the Income tax act, gift received from relative (In this case your mother) is fully exempt from tax. It is advised to draft a gift deed and make the online transfer to the NRO account with your bank. If you have any more queries, please reach out to firstname.lastname@example.orgCA Aishwariya Rajagopal 7 Jun 2023
FEMA does not apply if it is a non-business transactionT&C apply
I actually want to buy a laptop for my firm which is registered with govt. let's say that laptop costs me 2 lakh so after calculating depreciation @40% what will be the actual cost after 3 years
How to I save? Like will I deduct the depreciation amount from my entire tax or what will I do?
Hello sir. If your laptop is being used for the purpose of your business, the depreciation for the year can be deducted as business expense.T&C apply
I have received a 143(2) notification on 02-06-2023 for the assessment year of 2022-2023. How to respond?
Hi, we deal in income tax litigation. We can connect.
email@example.com or +91-9811896771
Hi. Please send the notice to firstname.lastname@example.org We need to first figure out why the notice has come.T&C apply