So who received the 95 lakhs? The seller.
He has no problem with it.
But the person who is buying the house,
what was the poor guy's fault?
That person bought a 1 crore worth property at a price of
95 lakhs.
So what was his fault? That he made the price of the house
high?
This was the fault of that person?
If he has the talent and he has saved his money, because
this is a genuine transaction, understand this.
There was no purpose of stealing here.
Here, I bought a property at a price of 95 lakhs from that
person, which was a little expensive.
I bought it for a little less money.
And that poor person, who has made the payment of 95 lakhs,
what will the government say?
That your difference, the difference of 1 crore and 95
lakhs, is more than 50,000.
So son, you come. Come.
And if your difference is more than 50,000, then you will
pay tax on that difference in other sources.
So that person was worried.
He went to our finance minister and started saying, Madam,
Madam, Madam,
I have a...
Listen to me, Madam.
What is my fault, Madam?
If I have the talent to make a price increase and buy
something expensive at a lower price,
then what is my fault?
Madam said, your difference is more than 50,000.
This is your fault.
So he said, Madam, if it is wrong to make a price increase
and because of that, tax is imposed, then go and collect
tax from that person first, who goes to the vegetable
market and makes a price increase in vegetables.
Go and collect tax from that person, Madam, who goes to the
showroom of cars and makes their price decrease there.
After that, come to me.
Madam said,
Sir, you are right.
He said, Madam, what is my fault?
What is my fault?
Is it my fault that I made a price increase?
Is it my fault that I saved my own money?
So Madam said, don't be emotional.
I will do something.
So Madam put in a provision that, look, a genuine person
should not have any problem because of our own policies.
So now do one thing, now do one thing,
that if this difference is exceeding 50,000, then in the
case of property, land and building, in the case of
immovable property, do one thing, that is,
is my stamp duty value
more than 110% of my consideration?
Is it more than 110% of my consideration?
If it is, then it will be considered that you have not made
a price increase because it is more than 110% and above
that.
Prices do not run in the property market, Sir.
Then it will be considered that you have
lost some of your cash and the rest that you are showing
us, you have taken the payment in number one and received
it from that person.
There are two conditions in this.
There is no such condition in the rest.
But immovable property,
if you give some money and take it, the government will
consider it as a gift because it is in the category of gift.
Then it will be seen that your stamp duty value and the
money you are giving it, that difference, is it more than
50,000?
Condition number one.
Condition number two was that you are seeing this in the
case of genuine people that is this a genuine transaction
or not?
That my stamp duty value will be more than 110% of my
consideration.
Then only I will believe that this transaction is not a
genuine transaction and because this is not a genuine
transaction, then my difference amount will be taxable by
going to the other source.
In this case, do the calculation and see how much was the
consideration? 95?
If I add 9.5 lakhs more than 95 lakhs, then it will be
approximately 1 crore 4 lakh 50 thousand.
If we add 10% more than 95 lakhs, then it will be 1 crore 4
lakh 50 thousand.
How much was the stamp duty value? 1 crore.
Is the stamp duty value more than 110%?
No.
The stamp duty value is 1 crore and 110% is 1 crore 4 lakhs.
So, the stamp duty value is less.
So, has this condition been fulfilled?
The first one will be fulfilled.
This is my condition.
But has this condition been fulfilled?
This was of 1 crore.
And this was of 1 crore 4 lakhs.
Has this been fulfilled or not?
So, the government will say that this is your genuine
transaction.
You can take it normally.
There will be no issue of tax.
There will be no tax on this transaction from other sources.
Point number 2.
Suppose, if the stamp duty value was not of 1 crore, but of
2 crores, then what would have happened?
The difference here would have increased to 1 crore 5 lakhs.
Is 1 crore 5 lakhs more than 50 thousand?
Yes, it is more.
Check the second condition.
Is the stamp duty value of 2 crores more than 1 crore 4
lakhs?
Yes, it is more.
So, this is not a genuine transaction.
You have made this transaction to exchange your cash.
It will be assumed that you have received a gift.
The person who will buy the house, it will be assumed that
the house which he is buying, he has received the house as
a gift.
And the difference, because he has given the money, he has
not taken it for free.
So, the difference amount, the stamp duty value of that
house, and the money he has given, will be taxed on the
difference.
This is the point.
If you want to show it to the director.
This is the point.
You have to check two conditions.
The first condition is the same.
What will you get?
The difference between the stamp duty value and the
consideration you are giving.
It is more than 50 thousand.
Very good.
Check the second condition.
What was the second condition?
Is the stamp duty value more than 110 percent?
If so, then yes.
So, you have made this transaction to fraud.
It will be assumed that you have received a gift.
And the difference amount, stamp duty, and the money you
have given, the difference amount will go to the other
source.
And if it is less than 10 percent, then it will be assumed
that it is a genuine transaction.
There is no problem.
There will be no tax in the other source.
This was the point.
It was a heavy concept, friends.
But, actually, there are a lot of transactions in the
property market.
When you go to the actual industry, you will find such
transactions in many places.
In real life, in practical life, you will find such cases
where
in the property, it will be shown to you that he paid 50
percent from the cheque and 50 percent cash.
And there, it will be made in the form of a gift.
So, there, the work of the provisions will be done there.
There, you will have to open this act and see what the act
said and how to treat it.
Sir, about the gift,
you told us that there are three types of gifts.
Cash gift, movable property gift.
And sir, you also told us that in movable property, there
are only 5-6 properties.
Suppose, I start gifting someone a BMW worth 1 crore, then
it will not come in the category of gift because it is not
a movable property.
What are movable properties?
I will read you the list.
There are 6-7 items like shares, like jewellery, like
archaeological collection, like any other work of art,
we will discuss about it in the next lecture.
Then, we came to the third one, on immovable property.
And, we had two cases.
One with consideration
and one without consideration.
The one without consideration has no problem.
There is a difference between stamp duty value and
consideration.
It is more than 50,000.
So, see it.
And, what was the one with consideration?
That is in front of you.
Sir, you told us
that taxability is like this.
But, you did not tell us who to meet and how to meet.
I am getting a gift from my parents.
Or, my husband and wife gift each other.
Or, brothers and sisters gift each other.
Will that also come in this?
On my birthday,
I get gifts from such people.
So, everything will come.
So, the government said that we are also genuine.
We are also humans.
We also have children at home.
We also have parents in our home. We also keep taking gifts
from each other.
We are not as heartless as we seem. People have only seen
our ugly faces.
No one has seen our heart. Our heart is very pure, very
pure, very true.
We also understand this. That is why we do one thing.
We make a list of some relatives.
If you take a gift from them, it will be considered as a
gift.
Are you understanding?
And we will also tell you some occasions.
We don't believe in birthdays.
If it is a birthday or a marriage or something like that.
We will tell you some occasions.
Even if you take it on these occasions, we will not believe
that it is a gift or not.
You are saying you got it on your birthday.
It is okay if you get it on your birthday.
But what to do if you get it on your birthday?
Do you take it or not?
For the time being, I will leave it as a suspense.
What happens if you get a gift on your wedding?
If you get someone's property, that can also be a gift.
What to do about that?
These are some points which I will cover in the next
lecture.
With this suspense, I will end your attention.
I would like to thank you very much for your attention for
this lecture.
This topic is not over yet.
I have left this topic in the middle.
So that I want you to absorb these concepts.
Go home and understand them.
In the next lecture, we will discuss that if you get a gift
on some occasions, then it is considered taxable.
And then it is not considered taxable.
And if you get it from some relatives, then it will be
considered.
If you get it from some people, then it is not considered.
These are some things which I want to discuss with you in
the next lecture.
Friends, this is the end of today's lecture.
Do go home and study.
Keep doing good work, friends.
Keep working hard.
You will definitely get success.
The day was already fixed when you thought about what to do
in life.
Now, the roads are also waiting for you to walk.
Go and see.
Your destination is waiting for you.
This is all for today, friends.
With this, thank you very much.