PMCB is liable to spend such interest to the depositors even although it is presently restricted from creating payment to depositors.
By Chirag Nangia
I intend to present all my share holdings to my son who is unemployed and does not file any return. What is the ideal way to transfer the holdings? What shall be his tax liabilities? —Rajinder Pal Singh
Gifting moveable house (shares in your case) to relatives does not trigger taxation. Therefore, you may well transfer shares to your son devoid of attracting any tax liability in his hands. Further, when he lastly sells these shares received as a present, he shall be entitled to incorporate in his period of holding, the period for which the shares had been held by you. Moreover, the expense for which you acquired the shares may well be treated as your son’s expense of acquisition.
I have an FD in Punjab & Maharashtra Cooperative Bank (PMCB) considering that 2015. Now the bank is below RBI below rule 35A. As per Form 26AS, there is TDS deduction on interest paid by PMCB. Same is reflected in my ITR. How must I file ITR for this interest? How can I claim this TDS waiver on interest? —Ashwini KY
PMCB is liable to spend such interest to the depositors even although it is presently restricted from creating payment to depositors. If a bank is crediting interest in its books in favour of depositors, it is liable to deduct tax. If Form 26AS reflects TDS on interest accrued, you have to spend tax on the deposit, it can’t be excluded whilst filing return for AY 20-21. You may well claim the credit of TDS from the final tax liability. If your total revenue is significantly less than maximum quantity not chargeable to tax, you may well file kind 15G/ 15H and ask the bank to not withhold tax at supply.
What is the tax therapy for one particular-off transactions in case of futures and alternatives? If it is a organization revenue, can the loss be squared off from other incomes other than salary revenue and if loss is left more than can it be carried more than to the subsequent eight assessment years? —A G Kameswara Rao
In case of one particular-off transactions, revenue from trading of futures and alternatives may well be deemed as ‘Income from other sources’. You may well report such revenue in schedule OS of the ITR kind, wherein you shall be necessary to enter the sale worth and claim the alternative premium as expense below section 57. The resultant acquire/ loss shall be auto-computed by the ITR utility. This loss shall be set off against eligible revenue of the present year but shall not be carried forward.
(The writer is director, Nangia Andersen Consulting. Send your queries to )