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Samkit Maniar |180 Answers |Ask -Follow

Tax Expert - Answered on Mar 18, 2024

CA Samkit Maniar has eight years of experience in income tax, mergers and acquisitions and estate planning.
He has graduated from Mumbai’s N M College of Commerce and Economics and has completed his CA from The Institute of Chartered Accountants of India."... more

Question by Pramod on Mar 15, 2024Hindi

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I work in an IT company and have a total package of 8 cr including bonuses and stock options. Can the stock options be encashed immediately after leaving the current job? I have a competitor offer at 9.5 cr. Please let me know.

Ans: This depends upon your stock options agreement with your company.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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I have following queries: 1) I want to sell Bonus Shares received prior to January 31, 2018. What will be their acquisition cost? Will grandfathering provisions be available?

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I've seen your answers to tax queries raised by readers of rediff.com and find your answers quite useful. I too have a question in this regard, which I've asked below. I was an NRI working abroad at a startup in the UK during which time I vested stock options as part of my compensation. I returned to India about 2 years ago and now my tax status is an Indian resident. The startup has gone public in the UK stock market now, and I would like to know if I have to file/pay advance tax when I either exercise & sell and/or only exercise these stock options, OR, can I just file my return as usual in the next financial year before the 31-Jul deadline as usual?

Ans: Income earned by resident (anywhere in the world) is taxable is India. Accordingly, when you exercise option, you have to pay tax on fair market value of shares reduced by amount paid by you and you have to make disclosure in ITR. Again at the time of transfer of ESOP, taxability will arise on consideration received on transfer reduced by the fair market value at the time of exercise of option.

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I retired from PSU general Insurance on 31st January 2023 .Is exhemption of 25 lakhs for leave encashment is applicable for me. J.P.Sharma,Guwahati

Ans: Income tax vide notification dated May 24, 2023 notified that Leave Encashment will be exempt upto Rs.25 Lacs for non-government employees with effect from Apr 1, 2023. Further, the exemption limit is likely to be applied to the employees retiring after coming into force of the said Notification.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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