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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 )
Yes, You have to mentioned your long term capital gain on Debt oriented mutual fund in B9 of ITR-2.Hope it helps youIf you have any tax related problems, please feel free to call/ask us.Thank you.
Are director's loan also to be mentioned in DPT-3?
Yes. Section 2(31) of the companies act defines deposit. As per this section, any loan given by a director to the company is not considered as a deposit. DPT-3 has to be filed for the deposit or total amounts of outstanding money or loan received by a company but not considered as deposits. Thus, if your company has an outstanding loan taken from the directors, it should be shown 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?