Another friend Subhas received a notice for spending ₹25 lakh on a foreign tour in 2023, when his declared income for the year was around ₹10 lakh.
A third friend Nitya was also asked to explain the source of her ₹50 lakh investment in a startup when her declared income for the year was ₹30 lakh.
All of them had valid explanations. Milind had sold shares in 2020-21 and deposited the proceeds into a capital gains account of a nationalised bank in 2021-22 to avail of capital gains tax exemption. Subhas, a retired executive, had used his hard-earned savings from his 35-year career to fund his well-deserved foreign trips. Nitya had cashed in her Employee Stock Ownership Plan (ESOP) from a startup a year ago and had invested a part of it in other startups.
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Esta historia es de la edición September 23, 2024 de Business Standard.
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Retail investors vs algos: Like lambs to slaughter
TRUTH BE TOLD
