Income tax on sale of MEIS Scrips

[Ankur Mittal]

Hi, we have been issued some MEIS scrips last FY, but planning to sale it this year. So, should we pay income tax on sale of these scrips this year or has to be added in last years income?

AI Summary

Income Tax Implications and GST Requirements on Sale of MEIS Scrips Issued Last Year but Sold This Year A query was raised regarding the income tax implications on the sale of MEIS scrips issued in the previous fiscal year but planned for sale in the current year. Two responses were provided. One respondent suggested that the sale should be considered part of sales or other income, indicating that GST should be paid in connection with services received for obtaining the MEIS. Another respondent concurred that GST must be paid on the sale of these scrips.