Multiple Taxes on Gifts - Case Study!
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- Опубликовано: 13 авг 2022
- In this video, we've taken the case study of Gifts given on Diwali to be able to understand how gift taxation laws work in India.
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taxationwithsahiljain.com
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Do note the following:-
1) Not everything that you receive on Diwali or any other occasion for that matter needs to be shown as an income. Only the assets which are covered u/s 56(2)(x) can make you subject to Gift Tax.
2) Practically, you'll notice that in some cases "Sahil and Arun", in our examples, do not declare 1 Lac as income primarily because of 2 reasons. First, they are not aware of the law or second, they are willing to take the risk of non-compliance considering that this evasion could probably be difficult for the government to detect.
Sir itne saatvik vachan waale mukh se jb wo dost waali line aayi to I watched it again & again 🤣🤣🤣
THE MAIN QUESTION HOW THE GOVERNMENT GETS AWAY WITH SUCH A STUPID LAW?
@@tkdevlop Indian people are very clever, this kind of law was required in our country.
There is stupid system due to stupid law, and stupid law due to stupid people, and stupid people due to greedy people, and greedy people due to stupid system.... this is our Corruption Cycle (Created by me)☺
@sid no bro you can’t , it’s an exemption wrt to receipt of allowance only , unless if you are using such property for carrying out your business
Dost wala line mast tha 😝
Man.. Love your sense of humor as much as the useful information you share every time. 😂👍
It was Completely unexpected That particular part of video it was amazing 😂😂😂 .
Thank you sahil sir again for teaching us a practical happings in such way.
Thumbnails getting better everytime 🔥😂
the way you express your knowledge that is extraordinary, because real life scenario always easy to understand and we can connect with this. your videos deserves millions of like.
Dear Sahil,
I am based in Australia and am not into the financial industry at all. In fact I am into Architecture and Government Services, and yet I find your content so awesome and engaging that I end up watching your videos quite often. Also your energy to educate is infectiously inspiring and appreciate that you do not monetize your content through ads - loads of respect for that. Also love your presentation format, relevance and briefness of content. Being into architecture I am also intrigued with the softwares you use for your presentation. Could you share which programs / softwares you use for your videos? Look forward to hearing from you and keep up the good work!! :)
Wanted to thank you sir for uploading these case studies.
Very interesting and very informative.
Thank you
Saale mere dost aisi hai jo ki birthday cake bhi mere paise ka hi khate hai , aur yeh toh bhaut door ki baat hai 😀😀😂
Superb fully relatable ❤️
Aapka sense of humour kamaal ka hai..Agar aapke dost ye video dekhenge to 🤣🤣
Finally character had changed from chintu, shambhu . 🤣🤣..
Thku for this informative video sir...
Hpy independence day .
Very informative sir...thanks a lot..❤️
Sir trust Me last part bohot funny tha 🤣🤣🤣❤️❤️❤️
Moral of this short case study is never ever gift anything to your friends
@sahiljain
Sir is there any way to lsarn everythng about taxation from scratch. Who is not from finance background
Nice video ❤️💐🙏... Feel like learning all about CA , leaving stock market 😀 when I listen to you ❤️💐🙏
Sir but like this happens only in case of non relatives or also relatives?
Sir sabke dost ek jaise hote hai 😂😜😂
Actually it's happening continuously in economy, every time money paas from one to another, government take their tax at every stage.
The most funniest part is from 3:26! 😂
“Mai income properly dikhaake taxes pay bhi karta hu” pe kaise has sakte ho tum Harsh. It hurts 🤣😂
Thumbnail dekhke ek sec ke liye maine socha ki
Son papdi mei kya tax liability hogi😂😂😂
Sir your Thumbnails are always lit 🔥 😂😂
Sir why will i pay tax when ultimately i m not possesing it..? I just forwarded it to my friend na!
What if Varun (last person) gifts it to Tarun (ring buyer). Does Tarun pay taxes on the item he purchased 😅?
No he already paid
Sir jisse gift Mila and jiske pass gift pohncha finally usse hi tax collect Krna chaiye?
What about the implication of 49(4) ?
Wedding gift or tax lagega ?
Best taxation videos
Coincidence :- I Am watching revision video of income u/h other source and at that time sahil sir :- chaliye thoda gifts ke baare me baat krte hain ❤️❤️❤️
52(6)(x) me soan papdi ka dibba bhi cover hota hai kya, sbse jyada vhi ghumta hai ghar ghar m
Thank you sir 🙏❤😃
Sir, don't know about ring. But Only gift fits this chain is "SOAN PAPDI". So how compliance will work for soan papdi.
Your video are always awesome
Sahil sir can you create explanation on case studies like litigative part for eg: section 148 or summons' notice sort of that, though video will be lengthy ..
But sir what about section 47(iii) exceptions to cases of transfer in capital gains?
Thankyou Sir
Sir how buy your classes for may23 inter g1 taxation (CA)
Sir apke may 23 attempt ki pd classes mein test series included hain??
sir please make a video on sec 194r
Sir supposed, ki meri GF ne mujhe gift kiya Diwali pe 1lac ki Ring, aur maine use 50k pay krdiya, ismein to gift ka taxation lage gaa hi nhi kyunki ye Inadequate consideration mein aayga hi nhi kyunki FMV(1L) - ASP(50k) = 50k Consideration hai iska difference 50k se zydaa hai hi nhi.
But maine use bol diya ki mujhe fridge chahiye thaa to tu ye 50k ka mujhe fridge bhi gift kr de.
Fridge pe to koi gift ka rule apply hi nhi hota kyunki ye property ke definition mein cover hota nhi hai 🤭
Ring bhi mil gaya and fridge bhi aur gift ka koi tax bhi nhi laga. 🤗
And sbse badi baat ki meine apne GF se rupay bhi kharch karwaa liya 😅😅😅
Sir correct me if I'm wrong!!!
You’re interpreting the tax provisions correctly but if you feel that your gf would gift you anything, then clearly gf ko samajhne me time lagega aapko thoda 😂
Sir
Can i do study for CA Inter with doing any part time job.
Please sir reply..
Sir, ab jitni bhi gift milne ki bachi-kuchi possibility thi woh bhi khtm kr di apne to😂
Jokes apart, This case study was amazing.
Hi Sahil Sir,
This transaction can be tweaked a little
Even though gift was given by Tarun to you then to Arun and finally to Varun, what we can show that this gift was intended to be gifted to Varun and Varun only
Then in such a case only he'll have to pay tax
We can't do this in case of money trf through banks and in case of immovable property because govt can notice it very easily
But here this is a ring so we can do it easily
Also, it should be kept in mind that your friend (gift giver Tarun) should accept this arrangement and reflect it as a gift to Varun
If he doesn't agree then this will be a problem
Correct. That’s why I said in comments that you might not find “Sahil and Arun” in our example showing this as income as the chances of detection by govt. are pretty low.
But I’ve tried to explain what proper compliance of the provision requires.
yes exactly.....
Please create a video on property, car, jewellery gifting amongst family members.
Sir may23 ki classes kab start hogi
If a relative buy a ring and gift it to someone and pays tax on ring .how government will notice the tax evasion on ring by relative cuz ring is not a registered property
Hi Sahil Can you make a video on how to save tax on winning a lottery ticket? There is a latest forward on whatsapp where a auto driver wins 25 crore lottery and pays 9.25cr as tax.
Sahil Ji. Have been on ur videos & channel since time now.
Am service rendering person since last 22 years.
Can u educate us on types of fringe benefits that company can pay us so that our taxable component comes down and salary take home increases.
Our CTC is good, but take home is less - primarily due to no fringe benefits & other due to performance bonus attached.
I remember i used to claim drivers salary & petrol expenses years back.
Pls suggest / guide whereby minimum evidences/ exhibitions are required for availing fringe benefits.
Thank you Sahil. Keeping rolling more content
Mstt teaching
Tnq sir
Sir your line about your friends was so funny
Haanji😁
Hmmm,
So Ambaniji-ne jo 3 lakh rupees ke
jo wedding cards/gifts as invitation for their daughter's wedding bheje the logo-ko,
those people had to pay taxes for them???
( those gifts/invitation included quite and amount of gold 👀 worth more than 1.75 lakh )
Tax on solar panel
Please make a video on this!!!!
Sab ke dost same hi hote hai sir ji aap ke aur humare bhi
Sir, please add English subtitles also in your video.
Haanji Good evening 😊
Thumbnail is too good 🤣🤣🤣
Sir ke dost nahi , Clients hai🌝🌝😁
sir mere dost bhi aap ki friend jaise he .... 1lakh ka gift kabhi nhi dey gay....jab ki woh sab CA HE
Best line "mujhe bhagwaan ne ese dost diye hai jo mere birthday pe cake bhi mere pasie ka khate hai.... 😂😂😂"
I must say, giving a sub to you was one of mine good choice
Conclusion wow
Maze aa gaya 🤣🤣
I don't think 99% people declare that but thanks anyway
Not a CA, actually I'm pursuing my MBA but I watch every single video of yours!
Make video on Rakesh jhunjhunwala ...asset taxation in the hand of family after on his deaths if possible .
Ek minute,
so if i gift a tv, worth 2 lakh rupees (including taxes), to my friend would have to pay tax on it too?
No, kyunki kuch certain items hain unko gift karne pe lgta hai gift ka tax, like Gold, silver, painting jitne bhi nayab cheez hain unpar aur jo act mein specified hain unpar, baaki pe nhi.
@@ThakurAnuragSinghBais cash and property also
Okay thanks for both of you for replying
Pehli baar maine jo bhi socha wo sahi nikla
3:25 😂🤣🤣😂🤣🤣🤣
❤️❤️
Can Government ever find 'Sahil' and 'Arun' if they do non-compliance by not showing it as income?
I agree Sir, but what if a company is giving gifts to its employees then they can show it as an expense on the employee and can save tax on it? I can be wrong but can u plz tell me about this more in detail from the perspective of a company
thank you, Sir :)
bro there is a provision for that if a company giving gift to their employees for then 50000 each in a fy then they have to pay taxes on it but if the amount is less then 50000 then they can exempt with the tax
@@ShivamJha-pu8tv Bro, Employer And Employee ke case mein 50k limit nhi hai 5k ki limit hoti hai...
@@ThakurAnuragSinghBais bhai Income Tax Act sec 56(2)(x) dekh le gift agar 50k exceed nai karta to tax nai lagega
@@ShivamJha-pu8tv bhai pehli baat unknown person se izzat se baat ki jaati hai dekh le kya hota hai?
And dusri baat aap section 17(2)(viii) read with Rule 3(7) (iv) dekh na bhai kya likha hai, ye perquisite hai isiliye Employee ki salary mein add hogaa taxable amount.
Employer and Employee ka case different hota hai gift mein isiliye 5k ki limit hoti hai ye limit to Non Monterey ki hai agar Employer ne Employee ko cash diya kuch bhi Monterey things to vo fully taxable hogaa chahye ₹1 ki Kyun na diya ho ye bhi taxable hogaa..
Employer ne kuch bhi diya haina Employee ko to vo uski salary ki part hi hota hai provided Rule ne kuch exemption to nhi di hai.
@@ThakurAnuragSinghBais sorry bhai bura laga ho to.
sir here the tax revenue for govt is more than 120k
as Tarun has also paid 3% GST while purchasing the gold ring.
so tax revenue would be 123k .
Correct, I was just talking about Income Tax though.
@@TaxationWithCASahilJain jab tak gift bechte nahi tab tak tax kyu dena hoga aur mai ghadi kisi ko dunga toh sarkar ko kaise pata chalega ki mujhe ghadi mila hai jo mai tax du aur mujhe 1cr ka gift mil gaya lekin mai garib hu 1cr wali chiz pe tax dene ke liye mere pas paisa nahi hai toh kya fir bhi mujhe tax dena hoga commerce wale ullu ke pathhe hai bina sir pair wale rules banate hai
@@TaxationWithCASahilJain respected sir please tell how india provide us dollar currency note i mean does rbi have rights to print or america sends ..i mean when differnt people from different country come to india how they exchange note in india ,,and what is forex and what is the dollar vallue how that is calculated ..please tell from basic level and for non commerece how can understand please make a video
Sabke dost aise hi hote hain sir😂😂😂
Ending 😂
Sir English subtitles please 🙏
same here sir. Mere bhi aese hi kanjus dost hain 😅😅
Om shanti
Jhunjhunwala sir
Hamare yaha to Diwali pe sirf Soan papdi transfer hoti h dosto ko 😄
End unexpected 🤣
But who's gonna show that expensive gift as their taxable income, they can hide it right sir🤔.
Mere birthday par Mere paise ka cake khate hai Mere dost
Good line and always true
Kyoki dost hamesha khane ke najar se hi dekhte hai
Sir red wali shirt mast lag rah h aap pe
Lekin kisiko batana hi kyun ring gift mila he
सर, सैलरी वाला इंसान कैसे टैक्स बचा सकता है उस पर भी एक वीडियो बनाए।
i think tax should be imposed on the 2,3 or 4th guy only if they sell the asset! Since no 1 has already paid tax on the income from which he bought the ring!
3:25 🤣🤣🤣🤣🤣🤣🤣🤣🤣
Sir befor applying gst i purchased some material on my name and after some days i registered on gst in the name of my mother and now my mother is the business owners so could i claim ITC Form 01 within 30daya to get the old stock itc and also i need your contact number for discussion on some doubt regarding gst
Thats the reason most of the people criticise tax system in india..
🤩😍😍🤩
Sir ye cheeze log situations nikal ke kha se aati hen 😂
Last part expected!
Hn ji good evening ❤️
Sections toh apne mast explain kiye sir. Par itna deepdown IT dept walen kaha check karte hai.. aur samjhon puch bhi liya toh bol sakte hai na ki dost ne ek din ke liye Diya tha ring peheneko.😂
Sir hamare bhi app jaisehi dost hai😂😂
Dost kya hota hai sir🤣
3:28 😂😂😂😂😂😂😂😂
Cake bhi mere Paise par Khaate hai 😂😂
3:30 🤣🤣🤣🤣