Hello, hello, Namaskar, welcome friends.
How are you all logged in? Sir, we are very busy.
Sir, how are you?
Sir, you are disturbing me but I am also very proud. Pata
doon bahut badhiya hoon main, sir.
How are you, friends? What are you doing?
Sir, only you are looking at me and I am listening to your
work, sir.
You must be having so much fun, sir. It's a lot of fun, sir.
So sir, continue this in the future.
Friends, we are talking about the interesting topic of
gifts.
When are gifts taxable?
A very unique topic was that if you receive a gift, then
its amount is also taxable.
So I have given some conditions, I have given a limit, a
limit of Rs 50,000, which I have told you, if you remember,
I have told you in the last lecture, a limit of Rs 50,000.
And I also told that if some relatives take some gifts,
then they fall in the definition of relative.
Therefore, your tax liability will not be there.
Then there was also talk of some occasions, I have not yet
told the story, I have just written my name on an envelope,
I have not yet opened the envelope, I have not yet opened
it, in a little while.
I also told you that if you get some gifts on some
occasions, then no tax is levied on them.
This is what I told you.
Then we talked about some limits, we also talked about the
limit of Rs 50,000, what happened in the case of immovable
property, that we could compare the stamp duty value, which
consideration, which money was given to us. Saath hum
comparison karte.
Then we also check the friendship condition, whether the
stamp duty value, what consideration is more than 110%?
If it turns out that there is a difference of more than Rs
50,000 in both these things, and the stamp duty value is
more than 110%, then we have calculated that the buyer will
get this money in his hands, that The difference is that
his income comes from other sources.
If there are some genuine cases, we have covered them in
the previous lecture.
A little recap tha friends.
In the case of immovable property also I told that
immovable property mainly consists of only 5 or 6 items,
the discussion of which we are not going to discuss further
with you.
All things including immovable property were not to be
taken, car, car, all this was not to be taken, 5 to 6 items
were given, and we also talked about cash gift.
Friends, I will also continue my work, I will focus on
immovable property for the next 15-20 minutes.
I think this is a slightly complex topic, it creates a bit
of confusion for people.
I want that there should not be any confusion in your mind,
hence my main focus for the next 10-15 minutes will be on
the case of immovable property.
After that we will see what is immovable, how cash gift is
viewed, what comes in the definition of relatives, on which
occasions the taxability of gift changes.
To begin with, friends, I would like to direct your
attention towards myself, and we are beginning with today's
lecture, friends.
Friends, we are on section 56 sub section 2, clause 10, and
they say that these are gifts, in whose hands they are
taxable?
In buyer's hand?
The person who is buying it, looks like it is a gift, but
he is buying it in a way, and he is buying it for less
money, so the taxable thing is in his hand?
The condition is that the gift in the hands of the buyer,
friends, should be his capital asset.
If we talk about main immovable property, then it should be
a capital asset for me.
It should not be my business, it should not be the stock of
my business, it should be the capital asset for me, that I
need today, for investment purposes, immovable property,
and if I get its appreciation in some time, then I will
move forward. You can sell it.
If brother Jacqueline Fernandez had gifted us a flat,
Sukesh was there as a capital asset for Jacqueline
Fernandez,
Because Jacqueline Fernandez is an actress, her main
profession is acting,
His business was a kind of flat buying and selling, so it
was a capital asset for him, which is why section 56-210
was applied against him,
Due to this reason, 11 Mulgon police have come before it
today, friends, that it is following section 56-210, what
is the condition to come under section 56-210, it should be
a capital asset in the hands of the buyer,
it must be a capital asset in the hands of the buyer,
In the hands of the giver, in the hands of the giver it may
be a stock, in the hands of the giver it may also be a
capital asset, let us talk about the giver, about the
taker, because taxability is also We are looking after
those who take it,
There must be a capital asset in the hands of the borrower,
To sir, when you are saying that in the hands of the person
who buys it, it is a capital asset, to sir, what is capital
asset, we are buying these assets for investment purposes,
because you are saying. He has that capital asset in his
hands, it will also happen sir, that whenever that capital
asset is bought, he will sell it after 2-3-4 years and earn
profit, and because it is a capital asset, which It is sold
before the buyer, to whom the profit is, his capital.
which income will be banned,
The main thing is absolutely correct, the words are
absolutely correct, what is wrong ismein,
to sir this is my concern,
The student has come to me, where Sir the problem is, no
matter how much rupee he sells, because he is not even a
capital asset, no matter how much he uses that asset,
breaks it, throws it away, he will lose that asset. is
selling,
The sale price will seem to you to be at how much rupees it
is being sold, yes it seems to be true,
it would be absolutely disgusting,
to sir tell me something,
From the sale price we subtract the cost to get the capital
gain,
Because I met a relative,
I didn't get much access to any other source,
Tell me what is the cost, the man who is giving me a gift,
at how much rupees did he buy it, he gave me a simple gift,
What is the cost of this loom, because I did not give even
a few rupees, if I gave a few rupees, then my cost was
reduced, what should I cost,
I have a question to you, my dear, you have asked a very
nice question to me, after seeing my classes, you are like
this, it is getting worse, you are not feeling any doubts,
very very appreciate,
Told you a lot,
You are very genuine in the question.
Friends, this is a genuine question, which was asked by
many people.
to the government,
In this case it is said that, you have lived a good life,
if you have taken that gift for example, for free, you fall
in the definition of relative, and even in other sources,
no tax is levied on you, then you have lived a good life.
Who will live for nothing?
How will you calculate your cost?
Do you know the sale price?
you take your cost,
which cost the previous owner,
and give it to him,
for example if in the long term, it is banned, your period
of holding exceeds one year,
To give its indexation, but take the cost of the previous
owner,
Ask the person who gave you a gift, how much did you buy
that gift for?
She asked herself, brother, why is it like this, the value
of the gift is not seen, and she is not asking, because the
gift is always a gift,
But, you know that our government,
my heart is like this,
We believe that no man gives genuine gift to anyone,
purpose of giving gift,
Tax has to be saved,
The person who has given you the gift will make you pay the
actual cost of his gift.
In that chapter, we read that in the chapter on capital
gain, if we have immovable property, we have written it,
and that property has been indexed, and The figure that
will be removed will be yours here, that will be yours,
STCG,
or again, long term, capital gain,
This is the point friends,
cost of the previous owner, is not yours,
If you have not added tax tab to other sources,
toh is in this case, this has to be done, if tab tax was
not imposed,
At the time of receiving, no tax was imposed, because you
were a relative, and the relative had taken from the
relative,
for example, husband gave a gift to his wife, and wife did
not come back, 5 years later, 7 years later,
You sold the property, that is the sale price, for example,
you sold it in one crore rupees, you came,
Which cost the husband, initially, when the husband would
have bought, for example, 10 lakh rupees, he would have
bought,
take that value,
the indexation of that value.
Suppose, the value of the indexation is 30 lakhs, then
minus 30 lakhs from 1 crore.
And the period of holding that will come, because you have
read the capital inking, so I know this question, you will
ask.
Period of holding is, you have to take it from the previous
owner.
Period of holding will come from the previous owner only.
POH from previous owner.
You have to take the period of holding from the previous
owner.
You have to take the cost from the previous owner.
Is the point clear? Are you getting me? This is in the case
of the relative, who did not pay the tax in the section 56
of the other source.
And now he is selling, so his capital inking tax is there.
Second case, there is a person on whom the tax was imposed
then, so what will he do now? This was relative, who did
not pay the tax at that time.
But there can be a person on whom the tax was imposed then.
Remember, we imposed the tax on the difference of stamp
duty value and consideration.
Or if it was free, then we imposed the tax on the stamp
duty value.
So, in that case, you have to take your sale price.
For example, in this case, it was 1 crore.
What will he
do now? The government says that when the income of the
other source was taxable, then only it would have been
taxable or it would not have fallen in the definition of
relative.
For example, it would have been a friend.
If it was a friend, then in that case, he would have paid
the tax on the stamp duty value at that time.
If it is taken for free, then
I would have said that the stamp duty value is more than
50,000 rupees.
So, pay the tax on the stamp duty value if it is taken for
free.
Because if it was taken for free, then he would have paid
the tax on the stamp duty value at that time.
Now, after 3 years or after 5 years, if he sells that
property, will he pay the tax twice? So, the government
says that when you had paid the tax on the stamp duty
value, then you do one thing, that the value, the stamp
duty value, consider it as your cost.
For example, in this case, if the stamp duty value was 40
lakh rupees, then consider it as your cost.
And this figure that will come out of you, this will become
the capital gains in your hands.
When you pay the tax on the stamp duty value, now that
property will be yours.
Now, ownership comes to you.
Now, you do anything with that property.
You have paid the tax on its actual value to the government.
Now, when you sell it further, then this value, on which
you have paid the tax, consider it as your cost and minus
it.
And your difference amount
will be taxable in capital gains.
This was the concept.
It was very simple.
When a person does not get taxed on other source, then what
do we do? And when a person gets taxed on other source,
then what do we do? Further, when they sell the property,
then we know the sale price.
Cost, if at that time the tax was not imposed on other
source, then the cost will be for the previous owner.
Period of holding will be for the previous owner.
But, if you have paid the tax on stamp duty value on other
source, now that will become your cost.
Now, when you sell that house, then you know the sale
price, how much you are selling that property.
Duty Stamp value will become your cost.
Minimize it.
The remaining will be your capital gain.
This is the concept, friends.
Sir, the discussion on stamp duty value is going on.
So, please tell us more.
Because, sir, we have seen and heard many transactions of
properties.
So, we know that, for example, there is a person who wants
to sell his house and there is another person who wants to
buy the house.
The value of the house, for example, is 1 CR.
So, sir, we know that if the house is worth 1 crore, then
the day we agree that, yes, will you buy the house from me?
For example, his name is Anthony and his name is Gonsalves.
He wants to sell this property.
So, when they agree, they give some statement at the time
of agreement.
They give some advance money that, we have agreed that I
will buy this property.
My name is Anthony Gonsalves and
I will buy this property.
So, what will Gonsalves do? He will give some advance money
that, you take this 5 lakh rupees.
It is a property worth 1 crore.
You take this 5 lakh rupees.
I will pay you 95 lakh rupees in a month.
So, what happened? The man paid
him. It is a simple thing. When did he pay? For example, he
paid on 1st January 2022.
That day, the stamp duty value of this property was 1 crore
rupees. On 1st January 2022.
When my agreement was completed, I said, you take this 5
lakh rupees as advance.
It will be confirmed that I am buying your property. You
cannot sell this property to anyone else.
And now I will give you 95 lakh rupees in a few days.
But what happened friends, when this property was named,
when they went to register the property in the government
department,
then some property came up. Suppose, he went to register on
1st April 2022, after 3 months.
And on this date, the value of this property increased to 1
crore 20 lakh rupees.
Suppose, the value of this property increased by 20 lakh
rupees in 3 months.
This is the stamp duty value.
Now, I have a question for you.
Think and tell me.
Which value should
I take? Value of 1 crore 20 lakh rupees or value of 1 crore
rupees? When the agreement was made, the market value of
that property was 1 crore rupees, stamp duty value.
And this transaction was happening on the stamp duty value.
And I had paid 5 lakh rupees to them.
That brother, the house is worth 1 crore, take 5 lakh
rupees.
Now, after 3 months, when I make a payment of 95 lakh
rupees, then the value of the house increases to 1 crore 20
lakh rupees, that the market was completely uprooted.
Government is saying to give on the stamp duty value.
Now, what is my fault in that, that if I put my hand on the
stamp duty value and the market value of the house
increased.
My hand was very auspicious.
It was the grace of Goddess Lakshmi on me.
And the stamp duty value of the property increased.
What is my fault in this? So, the government gave a
solution for this.
First, you tell me, which value should I take? Think and
tell me.
The government said, you do one thing, we understand your
genuine hardship.
We know that this is a genuine case.
We know that there was no intention of fraud in your mind.
So, you tell me first that the 5 lakh rupees that you have
given, have you given it in cash or in number 1?
Have you given it in cash or in account pay cheque? Have
you given it in cash or in electronic clearing system? Why
are you asking this, sir? Why are you asking this, sir,
that from whom have you given? Brother, this will tell
whether you are a genuine person or not.
Do you have an intention of fraud in your mind or not? If
you are a genuine person and you have made a payment from
account pay cheque, then it will be assumed that the stamp
duty value, the day you were making this payment, we will
take your stamp duty value of that day.
But if you have made a payment of 5 lakh rupees in cash or
in crossed cheque,
then the government becomes a little suspicious at that
time.
Government becomes suspicious that there is a possibility
of fraud in your mind because you have already taken cash
in that transaction. market value is something else, some
stamp duty value is something else, and you are doing all
the transactions in cash, which is not written anywhere,
then in such a case, we are not going to leave you, and
your stamp duty value will be 1 crore 20 lakhs, is the
point clear? What is the condition? What are we reading
first? We are reading that in this case,
duty stamp value will be 1 crore 20 lakhs, is the point
clear? What is the
condition? What is the condition? We are reading that the
stamp duty value is 1 crore 20 lakhs,
is the point clear? What is the condition? What are we
reading first? What is the condition?
So, first of all, how to calculate the stamp duty value?
And second, because we are reading the whole game of stamp
duty value, all these things, all these discussions are
happening on stamp duty value.
So, friends, come on, which stamp duty value should be
taken, the date of the agreement or the date of the
registry?
If you get even one rupee in number one, if you get it from
the account pay cheque, if you get it from the electronic
system, then date of agreement.
But if you don't get anything from the account pay cheque,
if you don't get anything from the electronic system, then
the value of the date of the registry, the stamp duty value
will be considered as the stamp duty value.
This is it, friends.
Thank you very much, friends.
Now we will discuss the rest in the next lecture.
Who are the relatives?
On what occasions does the tax not apply? We will cover all
these things in the next lecture, friends.
Thank you very much.
Thank you.