Yes, so the gift that the government gives, now what all
things will come in that gift, what all things will not
come, apart from cash, they have divided that thing into
two categories.
The first category is movable property, like gold, like
some shares, like a painting, like this house, this office,
land, this is called immovable property.
So basically, income tax has said that you can gift only
three things to anyone, that can be either movable
property, or it can be immovable property, or it can be
cash.
You can gift only two to three things to anyone.
Just think, either you will gift a house, or you will gift
some gold, or you will give cash to that person.
This point is clear.
Sir, what is the limit? Sir, the limit that you had said,
the limit that you are asking, what is the limit for this?
Sir, the limit is 50,000 rupees.
Sir, 50,000 rupees? Yes, friends.
Sir, how to take 50,000 rupees? Do we have to take all
three together or separately?
I will tell you, friends.
If you receive more than 50,000 rupees cash from someone in
the whole year, in the whole year, what did I say?
In the whole year, whether it is received from different
people or from one person, but if you receive more than
50,000 rupees cash in the whole year, then you will have to
pay tax on it.
This is the point, friends.
Sir, you just said more than 50,000 rupees, so suppose I
receive 60,000 rupees in the whole year,
some relative gives me 60,000 rupees or my friend gives me
60,000 rupees, will I have to pay tax on that also?
I will say, yes, if your friend is giving, then you will
have to pay tax.
And if the relative does not fall in a particular list of
relatives, then he will also have to pay tax.
Sir, 60,000, you just said, if it exceeds the limit of
50,000, then 60,000, so it has exceeded the limit of 50,000.
Now, do I have to pay on 60,000 or 60,000 minus 50,000,
that is, do I have to pay on what exceeded the limit of
50,000?
This question was in people's mind a lot.
Do you understand the question?
The question is, if you get 60,000 rupees, then do you have
to pay on 60,000 rupees or on what is more than 50,000
rupees?
Sir, the answer is, you have to pay on the whole.
Because what is the objective of the government?
Which I tell in every lecture, what is the objective of the
government?
To collect as much as possible from you.
And what is your objective?
To show your income as less as possible.
So, there will always be a difference in thinking.
The objective of the government is to collect as much as
possible.
So, they will collect tax from you on the whole 60,000
rupees.
The point of cash ends here.
Any problem, any fear, any problem?
You can see this. You can also note this.
Okay, sir. This is understandable.
Now, let's move to the next.
Moveable property.
Sir, you were saying that property has been divided into
two parts.
Whatever gift you give, it has been divided into two parts.
A moving property and a non-moving property.
A moveable property and a immovable property.
If I have gifted a laptop to my friend, and the price of
that laptop is 1 lakh rupees, then what will it become?
Moveable property.
Suppose, I have gifted an iPhone to someone, then what will
it become? iPhones are also expensive.
They are definitely more than 50,000 rupees.
So, will it become a moveable property?
No, it won't.
Sir, you just said that it will be divided into a moveable
and an immovable property.
I can also take this mobile from here to there.
I can also take this laptop from here to there.
So, doesn't it become a moveable property?
Doesn't it become a moveable property?
Sir, the government has given some 6-8 things.
Only those things will become a moveable property.
Apart from that, cars, laptops, computers, expensive
watches, all these things don't become a moveable property.
Only a few things become a moveable property.
I will tell you what all things become a moveable property.
It includes shares, jewellery, paintings, historical
collections, any other work of art.
There are 5-7 things.
We will discuss them now.
All these phones, etc. don't become a moveable property.
Check their list.
That list has 6-7 items.
Only those 6-7 items will become a moveable property.
Okay, sir.
Sir, if I gift a car to someone, if I gift a BMW worth 1
crore, won't I have to pay anything to the other party?
No, sir.
Sir, if I gift a laptop worth 1 lakh, will the other party
pay tax on it?
No, sir.
Okay, sir.
If that item comes in the 5-6 categories of a moveable
property, only that will be taxed.
Nothing else will be taxed.
No, sir.
Okay, sir.
Sir, the government is not doing a good job.
The government is not doing a good job.
The government is just reducing the complexity of one thing.
There are so many moveable things.
What all things will you include in a moveable property?
This TV is also a moveable property.
This pen is also a moveable property.
I will go crazy while evaluating everyone.
The government will say, there are 6-7 things, you can
include them in a moveable property.
So, sir, how to do this?
How to impose tax on this?
I will tell you, friends.
We are talking about moveable.
Moveable.
Make two categories in that, friends.
One, you got a gift without paying any money.
Sir, you get a gift without paying any money.
Sir, you get a gift.
But make a category for this.
That you got a gift without paying any money.
Because, see, the difference in thinking is coming here,
that you are thinking of a gift, that you got a gift in a
birthday party.
But the government sees it as a doubt.
The government thinks, if this person has got something
from here, then to save this tax, he must have done this
transaction.
So, think about it.
It is also possible that I got one thing for free.
And it is also possible that it is a very high value item,
and I have taken it with very little money.
And I have tried to show that
I have got it as a gift.
I have not bought it.
I have got it as a gift.
So, make two categories.
One, if you have got it without giving anything, that means
without consideration.
And one is with consideration.
That means by giving money.
In this, I have not given money.
For example, Jacqueline Fernandez.
Jacqueline Fernandez did not give money to Sukesh.
She got cats for free.
Although there was something else in consideration.
But she took it for free.
She got cats, horses, gold for free.
So, in this case, what will we do?
And how will we see its calculation?
In this, everyone has the same limit of Rs. 50,000.
The envelope inside is of Rs. 50,000 only.
The papers inside are different.
If it is without consideration, then what is the fair
market value of that gift?
You have to see this.
What is the fair market value of that gift?
If the fair market value of that gift is more than Rs.
then you will get tax on the simple fair market value.
Any problem?
Tell me.
Please see it once.
I will come here.
For example, if you gift someone gold, and the value of
that gold is 50 lakhs, and you give it for free, like
Sukesh gave a jewellery worth 1 crore to Jacqueline
Fernandez, and gave it for free.
Jacqueline didn't pay anything.
So is the market value of that gold more than 50,000?
Because it is worth 1 crore, so obviously it is more.
So how much will Jacqueline pay in tax? 1 crore rupees.
That is why her income tax department is behind her. That
is why cases are being filed against her.
The second case is that you get something after giving the
money.
This is obvious. These are the transactions that you will
do to save tax.
It is obvious that you bought that party an item worth 1
crore for 1 lakh rupees.
So it is obvious that to save tax, that party and you
together, to reduce your liability, did such a transaction.
For example, we will see what is the fair market value in
this too.
But there is one thing in this, we will see how much money
that person gave.
We will minus the consideration, given.
And this will come as difference.
And if this difference is more than 50, then it means that
you have made a mistake.
And you have to pay income tax on this difference.
Director sir, please take the screen here.
Please note this.
Simple. You can see the fair market value.
Assume that Sukesh gifts 1 crore worth gold to someone else.
Assume that he gifts 1 crore worth gold to Jacqueline
Fernandez.
And Jacqueline Fernandez, because she does not have much
knowledge of finance and taxation, she thinks that she will
show the government that she has bought it for 2 lakh
rupees.
So the government will say, tell me, are we mad sitting
here?
We have a team of IAS officers here.
They keep seeing these transactions day and night.
So you said fair market value is 1 crore rupees.
I will write this down so that you can understand.
He will say that fair market value was 1 crore rupees.
And you are giving how much? 2 lakh rupees.
So what is the difference? 98 lakhs.
So is this 98 lakhs more than 50,000 rupees?
It is more.
So this difference will be taxed on this.
On 98 lakhs.
This is the point.
See this once.
This is the point.
This is the point of movable property.
This is the point.
If you want to click a photo, click a photo.
If you want to write, write it down.
This is the point.
Now let us move to the next point.
On immovable property.
Assume that you get a land from somewhere as a gift.
I have not covered all the points yet.
I know that you have different kinds of doubts in your mind.
So please calm down and listen to me.
For example, if you get an immovable property as a gift,
you have to do the same two categories.
Do these two categories.
Have you got it by giving money or without giving money?
Take this one.
Have you got it by giving money or without giving money?
We will say that you have got it with consideration.
This is the thing.
Is there any problem like that?
It is exactly the same.
Now in this case, do not look at the fair market value.
In this case, because it is a property case, we do not go
according to the market value.
We go according to another value.
If you have seen the lecture on business and profession,
and you have also seen the lecture on capital gain, then
you must have understood which value is seen in the case of
property.
Which value is emphasized the most?
That value is stamp duty value.
When we register a property, the rate at which it is
registered is the stamp duty value.
In this case, stamp duty value will be seen.
We will see if your stamp duty value of that property is
more than 50,000.
See the limit, friends.
The government has kept the same.
The same limit is kept in everything.
If your stamp duty value is more than 50,000 and you get
this property for free, then you will be taxed on the
entire stamp duty value.
You will be taxed on the entire stamp duty value.