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Topics - Bhumin

Discussion / ESOP Query
January 03, 2014, 08:09:15 PM
Dear All,

I have query on ESOP.

If Mr x who has granted ESOP option from ABC Ltd. in FY 2010-11
But before excercising the same, he dies in Fy 2011-12 and now legal heir of Mr X is exercising the option in FY 2012-13 & purchase shares at discounted price.

Now Issue is about taxability of ESOP option.

Whether Taxable to Legal heir??

Capital gain on sale in future is any way taxable to them whenever they sold the same shares.

So whether it is taxable  as ESOP as it is taxable when option is exercised as per CBDT's guideline but at that time there is no Employer -Employee relationship existing so not chargeble as per charging section 15.

Require your opinion as soon as possible.

Thanks in advance.
Bhumin A Mehta
Discussion / Can HUF give Gift to its members?
August 07, 2012, 03:21:56 PM
Dear All,

I have query regarding Gift by HUF Issue:

Can HUF give gift to Male member at the time of His marriage?

Awaiting quick Reply from you all.

Thanks &  Regards,
Bhumin Mehta
Discussion / TDS on Canteen Service
May 28, 2012, 05:09:48 PM
Dear All,

My client ABC Co. has entered into contract with Mr X for letting out half floor for running Canteen business.

Mr X providing Canteen facility and providing Tea & Snacks to Employee for which payments made by ABC Co on behalf of Employee.

Now question is that Should ABC liable to deduct TDS on Canteen Service provided by Mr X?

Whether It is service or Sale ?

Provided that there is no agreement between ABC Co. and Mr X for providing Services.

Bhumin Mehta.
Discussion / TDS Deducted on ENVIRO VIGIL EXPENSE
May 25, 2012, 05:08:04 PM
Dear All,

I Have query regarding TDS.

My client is Hospital Co.
They have to pay Sum amount to Enviro Vigil (Local Govt body) to disposse off the hazardous wastages safely.

They have to Purchase Special Bag from the EV and also has to pay Amount(Per KG) For disposal.

Now query is,

we can not deduct TDS on Purchase of Bags since it is not Expense.
But whether we have to deduct TDS on service provided by EV?

As there is no particular contract between Hospital and EV but it is mandatory for those who running these business.

Thanks And Waiting for Quick Reply,
Bhumin Mehta.
Discussion / Issues on Discount Cards
May 09, 2012, 03:38:23 PM
Dear All,

I have query on Discount cards.

A company(say ABC Ltd) sells Discount cards which is Main business of the co.
Co has patch up with all big company which allows the card holder to avail the discount facility.
Thus ABC Ltd selling Card or Providing Discount Services?

SO accordingly my query is there is VAT levied or Service Tax ?

Is the case is similar to Co providing SIM CARD.(SC Verdict on Idea Mobile is applicable here?)

Waiting for quick reply.....

Bhumin Mehta.
Dear All,

Whether credit of DDT availed by foreign Investor?

Mr John is foreign investor who is investing in Indian Co Ltd(ICL)  through FDI and earned income on which ICL paid 33.33% Tax plus DDT on distribution of Dividend.

So Mr John can avail DDT Credit in his home country?
Same Dividend income is taxfree in hands of Mr John.

Bhumin Mehta.
Discussion / Can Minor open DEMAT or Trading A/c??
April 19, 2012, 05:08:42 PM

Dear All,

1) Can Minor open Demat A/c?
2) Can Minor open Trading A/c?
3) What if minor received share by way of gift or inheritance - How to hold those shares or how to transfer those shares ?


Bhumin Mehta.
Dear All,

I have stake in pvt ltd co. i want to get money from reserves. ie want to free reserve without affecting tax liability of individual stakeholders.

Is it possible?

Expecting good suggestions from you.

Thanks  & Regards,
Bhumin A Mehta.
Discussion / PPF Deduction
November 08, 2011, 12:29:52 PM

Dear All,

I have query regarding PPF Deduction.

Father had deposited cheque into his daughter PPF A/c who is not minor.

Deduction u/s 80C available to whom Father Or daughter ?
If entire transaction shown as gift to daughter then what is effect on tax liability of both of them?
& if shown as gift then is it taxable gift for daughter?

IS your answer diffrent if this transaction shown as Loan to daughter?

Thanks in advance.

Discussion / ULIP redemption
November 04, 2011, 01:25:01 PM

Dear All,

I have one query regarding ULIP.

Redemption of ULIP Units is amount to capital gains or exempt u/s 10(10)(d) ?

Thanks in advance.