Tejas Nagariya asked 2 years ago
Sir, aapne samjhaya hai ki for 141(3)(d). Holding of sec by all relatives taken together and for all companies taken together, should not exceed 1 lac FV, but module on pg no 5.9 says limit of 1 lac and grace period of 60 days is only for securities held in company only.
Kaunsa wala likhna chahiye exam mein…?
Ravi Staff answered 2 years ago
We have given this note
in Bhaskar regular notes
Controversy
In exemptions to relatives there is small controversy: – if you read language carefully then as per literal interpretation you will notice that relatives can hold securities only in “that company” and not subsidiaries, associate.But as per reasonable interpretation if holding is allowed in that company where audit is being conducted other companies such as subsidiaries and associate should be covered.Prefer reasonable interpretation.