Hello, hello friends.
Namaskar. How are you all?
Friends, my name is C.A.
Shreyagupta and I hope that you are well, healthy and
having fun.
Friends, sometimes life brings us to such a point
that we say, God, why me?
Why me?
You are giving me so much struggle.
I am getting beaten up from every side and I am not able to
move forward.
So, why is this happening to me?
This happens to everyone, friends.
So, friends, remember
that when there is a horse race
then the person sitting on top of the horse, who is called
a jockey,
he hits the horse very hard.
When the horse runs, he hits it very hard.
The more he hits, the more the horse runs.
The more he hits, the more the horse moves forward.
The horse moves forward.
And the more he hits the horse, the horse reaches the
finishing line first and wins.
So, if you are getting beaten up a lot in life, if you are
facing a lot of struggle, then remember that you are that
horse whose beating is being done by God. Because God knows
that you have the ability to win.
The game of your life.
So, this time if you face a struggle, look up and say,
God, I understand what you are doing.
I am ready to win.
Thank you very much for choosing me.
I will win this fight.
You should have this confidence, friends.
You should have this strength.
You don't get anything for free in this world, friends.
The horse will work hard, that's when it will win.
And because you don't get anything for free in this world,
you won't even get a gift for free.
You won't get a gift for free? Yes, friends.
Our next topic.
Our topic for today is, if you get a gift from a person,
what did I say?
If you get a gift from a person, above a limit, then you
will be taxed.
If you get a gift from someone,
Sir, sometimes my friends gift me on my birthday.
Someone gave me a watch, someone gave me a water bottle,
someone gave me shoes.
Sir, the government has fixed a limit.
That from these people, if you receive a gift, then it will
be considered your income.
And if it is received above this limit, then it will be
considered your income, friends.
I want to cover that topic for you today.
Before that, remember, this topic of casual income was left
in our last lecture.
It is a very small topic.
Casual income means, if you have done any winning, like in
a horse race, like I was giving an example, if you bet
money in a horse race, and you win something from there,
you win.
That horse was beaten a lot, and in the end, that horse won.
And you became rich overnight.
You became rich overnight.
You became rich weekly.
In fact, you became rich nightly.
So, tax is imposed on that money too.
Because if it does not go to any head, then it will go to
other sources.
30% is a special rate of tax on that thing.
Do not impose a slab rate on it.
You have to impose a special 30% slab rate on it, friends.
Whatever horse income you get from the horse race, which
you win, a 30% rate will be imposed.
You do not even get the benefit of the exemption limit.
And to this extent, this is nothing.
You do not even get any deduction from that.
Under Chapter 6, suppose you have paid a premium of life
insurance, or you are paying the tuition fees of children,
you do not even get any deduction for that
from the casual income.
It is also possible, friends, that you have some loss.
So, that loss, you cannot set it off from any other head of
income.
This was the point, friends.
Casual income, in a way, is a two-digit income.
The government also knows that this is a barbaric kind of
person. He is investing money in horse races.
So, what must have been his character? What kind of a
person would he be?
So, when the government identifies such people, then it
directly imposes a special 30% tax on them, friends.
Now, you will remember that the government also imposed a
30% tax rate on cryptocurrency.
So, when the government identifies such people, then it
directly imposes a special 30% tax rate on them.
The rest of the income will run on your slab rate.
But, the casual income will run on your 30% rate.
Look at this.
And from that income, any expense, which I talked about in
the last lecture, that to earn that income,
I talked about that to earn that income, some expenses are
minused.
In this case, the government says, that you are casual.
We do not support casual people.
And we will not even minus those expenses, friends.
This is the point.
Look at this once.
30% of such winnings,
further increased by surcharge, and cess.
You will not get any deduction of expenses.
You will not even get a deduction.
We are not even permitting the basic exemption limit in
this.
And set-up of the loss is not permissible.
This was the point, friends.
Now, I will take you to the story
on gifts.
Sir, what are you talking about?
Sir, I get gifts on my birthday.
My parents gift me a shirt
for my birthday.
So, will I pay tax on that too?
My friends gift me something.
Someone got me a watch.
So, will I pay tax on that too?
Friends,
I would like to focus your attention on section 56-2-10.
Section 56,
sub-section 2,
clause 10.
This talks about gifts, friends.
Friends, the government says
that you do not get anything for free in this world.
Sometimes, some transactions
can happen that you are showing them as a gift that I got a
gift from a person and that person had black money.
That was the money on which he did not pay income tax.
So, he will tell you that
do one thing,
I have cash of 2 crores.
I will show that I gifted you.
That 2 crores will come to you.
My cash is over from here.
Later, after going around the same entry,
I will do that you deduct 5%
and I will take the 95% money that you gave me.
Some such transactions
came in between.
Some such transactions came a lot earlier.
So, this thing came in the attention of the government.
Government said that
do you think we are fools?
You give a gift
and that person's income is deducted.
The one who had black money, that black money got deducted
from there.
You became the receiver.
And because it was a gift, there was no tax on it earlier.
So, people started making schemes to save the tax.
As a gift,
we started giving each other that asset or that cash.
So, the government said that it does not work like this.
Now, we will have to set a limit
that if you get a gift above this limit, then we will
impose a tax on it.
If this was the case
and such a provision had to come that a tax will be imposed
on you above a limit,
then our,
my childhood friends, whose names you know,
I will not take their names again and again.
My childhood friend,
Mukubhai, I mean Mukesh Amani Sahib,
he came to my house.
He said, he said,
if I give a gift to someone, will a tax be imposed on the
person who is receiving it?
I said, yes, a tax will be imposed on the receiver.
He said,
my son,
my son's name is Anant Ambani,
and because that boy is 25 years old,
I want to give him 25 crore rupees on his 25th birthday.
I said, this is a very good thing.
He said, but he will go above the limit.
I said, yes, he will definitely go above the limit.
He said, no matter what the limit is,
suppose it is a limit of 1000 crores and I want to give him
1100 crores, that limit,
I am Ammani, there is no limit for me, he will always be
above the limit for me.
I said, yes, that's right.
Then he said, Mr. Ammani is Mr. Ammani.
He called Mr.
Modi, what are you doing?
Mr. Modi, I want to meet you.
Mr. Modi said, no problem Mr. Ammani, I will come to meet
you at your Antila.
And he said, Mr. Ammani, I want to give my son 25 crore
rupees.
And you have set a limit.
Because I am exceeding that limit, my son's income will
become taxable.
Now what should I do?
Mr. Modi said, Mr. Ammani, you don't have to worry while I
am here.
Brother has come, he will take care of the country.
And Mr. Modi said, we have set a limit, but along with the
limit, we will also make categories of relatives.
That from whom we will receive, it will be taxable.
And from whom we will not receive, it will not be taxable.
And the next day, Mr. Modi came in the evening.
And he said, friends, this list will be implemented from 8
o'clock tonight.
Don't understand anything else.
So friends, let's come to the section.
The section has set a limit and it has told that if you
take gifts from these people, it will become taxable.
Now what are the types of gifts?
I have explained the basics to you.
If you still don't understand this thing, then don't worry.
I have just opened this envelope.
I have to read the letter inside.
Rest is my friend.
Just keep looking at the screen.
What will come in the gifts?
Friends, first of all, you just think what can come in the
gift?
Cash gift will come.
A car can come, a house can come, gold can come, all these
things can come.
Let's see a small sample of this.
First of all, a very famous, I did not want to take the
name, but I will not be able to live without taking the
name.
Have you heard of Jacqueline Fernandez?
She was stuck in a controversy recently.
There was a thug named Sukesh and he used to give her very
expensive gifts.
He gave her a cat worth 9 lakhs, a horse worth 15 lakhs, he
also gave her some cash.
So what was that?
Those were gifts.
Now those gifts will become the income of Jacqueline
Fernandez.
Because they had gone beyond a limit.
And that is why the Income Tax Department is after
Jacqueline Fernandez.
Madam, Madam, Madam, Madam, you did not pay tax on that
money, so please come and tell me what she was saying.
It happened and now your tax will be made.
So what gifts can you get?
First of all, if I talk, can you get cash?
Cash gift.
Like you go to your grandparents' house or a relative comes
to your house, so before going, he must have given you 500
rupees or 1000 rupees or 200 rupees.
What is that? It is a gift.
It is a cash gift.
He is giving you cash.
Let's go to the second category.
What else can come in the gift category?
Jewelry.
Sukesh is a thug.
So Sukesh gave jewelry to Jacqueline Fernandez as a gift.
I remember that he gifted a BMW car.
He also gifted some shares.
He also gifted some expensive paintings.
The government has made a list.
Because the gift category can be very big.
A gift can give anything to anyone.
So the government has made a list.
Brother, tell me one thing.
All these gifts can be divided into two categories.
And what are those two categories?
Those two categories are properties.
So there will be two categories of properties.
One is movable property and the other is immovable property.
Movable means movable property.
Which can move.
And what is this immovable property?
One is movable property and the other is immovable property.
So the government has told these two categories.
Brother, if there is a gift, then first see if it is
movable.
What can come in the movable category?
Car, watch, gold, jewellery.
Which can move.
Which you can take from here to there.
What will come in the immovable category?
Friends, land, building will come in the immovable category.
This building is made.
These things come.
You can't take it from one place to another.
So land, building, all this goes in the immovable category.
And our car goes in the immovable category.