Tax Queries Jayesh Dadia Chartered Accountant 

The provision of Section 281 of the Income Tax Act can be invoked only if there is sale, mortgage, gift, exchange or any other mode of transfer of your asset in favour of any other person. The assets referred to in Section 281 are specific and tangible in nature.

Tenancy right is a capital asset. Therefore, consideration received on surrender of tenancy right is subject to Capital Gain Tax. It seems that you have been staying there for more than three years. Therefore, the entire capital gain would be in the nature of long-term capital gain.

Tax Queries By Jayesh Dadia Chartered Accountant

My father died during the financial year 2020-21. As per my father's legal will, an executor was appointed and the assets are to be distributed amongst myself, my brother and my mother. Pending distribution, I have filed the return of my late father's estate as an individual. Is this action correct?

I am holding shares of a private limited company with an investment value of ₹1 crore. The company is now under liquidation. It has ₹4 crore in the bank account which is accumulated over a period of years out of the profit of the company. I was told by the liquidator that on distribution, they will deduct 10 per cent withholding tax. Can you clarify whether the action of the liquidator is correct and what would be the tax implication in my hand?

Tax Queries By Jayesh Dadia Chartered Accountant 

I am employed with a closely held private limited company. During the current financial year, I resigned and claimed encashment of leave salary of ₹ 3 lakhs. The employer wants to tax this amount since the same is encashment not on retirement but on resignation. What is your view? 

I am an individual and doing F and O activity (derivatives) at Nifty through a registered broker.

I am a non-resident settled in Singapore. I hold investments in equities of Indian listed companies.

Tax Queries by Jayesh Dadia, Chartered Accountant

Tax queries by Jayesh Dadia Chartered Accountant