Yes friends, we have come back after a tea and water break.
I too had a tea and water.
I had a great tea with ginger.
I got more energy.
Come here.
From the same provision, from the same provision, just like
we read about the spouse, now the same point is about the
son's wife.
Mr. Bachchan is roaming here and there.
He is saying that when I transfer the spouse, the clubbing
people are after me.
He is saying that if you divert the income to the spouse,
then the club will be in your hands.
Those people are after me.
Now what should I do?
Why shouldn't I make such a scheme?
It is written in the law that if you transfer the spouse
without any consideration, then the income will be clubbed
in your hands.
The word spouse is written in it.
Let me do one thing.
Let me transfer the daughter-in-law.
Let me transfer the son's wife.
There is nothing written about her.
The son's wife, that is,
Aishwarya Rai Bachchan, let me transfer my house property
without any consideration.
Because till now, there is nothing written in the law.
I will transfer it without any consideration.
Whatever rental is coming, because at today's rate, she is
also not earning anything.
She also has an income of zero rupees.
It is said that the effect of the company, and staying in
Abhishek's company, their situation has also become the
same.
What to do?
They also have an exemption limit of up to five lakhs.
And the rental, it is a matter of chance, the rental that
has to come, that also has to come up to five lakhs.
So for them, in their hands, it will be exempted.
Yes, if I take it in my hands, then I will be in the 30%
tax bracket.
If I take it in my hands, then I will be in the 30% tax
bracket.
So in that case, what will be the best?
I will transfer my son's wife, Aishwarya, like this.
I will transfer it without any consideration.
Sir, as soon as he was going to transfer it without any
consideration, just then, just then, an officer from the
Income Tax Department reached there and said, wait,
wait.
Mr. Bachchan turned around and saw three times.
Like in Balaji's serial, this, he saw this three times.
He said, this can't be transferred.
Why? He said, why can't it be?
Read this section.
You didn't even look there.
The section was already ready with us.
The section says, look, read this.
First look at this image.
After looking at the image, you will come to know that
worship is being done here.
And this Bhumi Poojan is being done, basically of that
house property, which without consideration, you are
transferring.
Right there, the officer reached there and said, this can't
be transferred.
Why can't it be transferred?
Come here.
Income arising to the son's wife from the assets
transferred without adequate consideration by the
father-in-law or the mother-in-law.
What is the problem?
Assets are being transferred, but not with adequate
consideration.
You have to transfer assets with adequate consideration.
With adequate consideration or without consideration, you
will transfer the assets to whom? To the daughter-in-law.
If you derive income from that asset, that club will be in
your hands.
Come here.
What does it say?
It's the same point.
There is no new point.
Asset transferred without adequate consideration.
Where asset is transferred directly or indirectly by the
individual to his son's wife without adequate
consideration, the income is to be included in the income
of the transferor.
This is the point.
And the same point is that the asset transferred, for
example,
Mr. Bachchan gave FD to Ms.
Aishwarya, the same 10 crore FD.
Because my plan flopped there.
Now I have taken this plan here.
I will take this plan forward with Mr.
Aishwarya Bachchan.
So he gave 10 crore FD to Ms.
The same businessman came to her.
He said, Madam, do one thing.
We need an investment of 6 crores.
So Ms.
Aishwarya gave an investment of 6 crores.
Now the profit that will come out of it, the proportion of
that profit, the proportion of capital, if you have
invested 6 crores and the total capital of 10 crores of
that business, 6 divided by 10, 60%.
So whatever total profit will come out, 60% of that will be
taxable in Mr.
Bachchan's hands.
Why will it be taxable in Mr.
Bachchan's hands, sir?
When Ms. Aishwarya has made the investment.
Sir, in that case, it will be taxable in Mr.
Bachchan's hands because the money of the investment is 6
crores.
The money of the investment is 6 crores.
Would Ms.
Aishwarya have been able to give it if Mr.
Bachchan had not transferred the investment of 10 crores,
the asset of 10 crores, to her?
If Mr.
Bachchan had not transferred the assets of 10 crores to her,
would Ms.
Aishwarya have been able to make the investment of 6 crores?
She would not have been able to.
Ultimately, it will be accepted that Mr.
Bachchan has invested money through Ms.
Because of this, the profit of Ms.
Aishwarya will be taxable in Mr.
Bachchan's hands.
This is the point, sir.
And look at the second point.
Transfer of the assets for the benefit of son's wife.
If I transfer the assets to such a person, even though I
don't transfer directly to Ms.
Aishwarya, but I can transfer the assets to such a person,
that I have transferred the assets to Mr.
X, and Mr.
X will receive the rental income from that property.
And after receiving the rental income, he will transfer the
assets to Ms.
This is the transaction.
I will find such a person, who is a person worthy of
praise, and he will complete this task in such a way, that
no one should know about it.
Mr. Bachchan got involved in the search of such a person.
Mr. Bachchan looked here and there, investigated.
He said, I am looking for such a person, who can risk his
life, but the income derived from the assets, he should
somehow transfer it to Ms.
Mr. Bachchan's search was going on and on, and a person
came to meet Mr.
I will show you the drawing and diagram.
Can you see the person?
Sir, this person came to Mr.
Bachchan and said,
Mr. Bachchan,
I have heard that
Ms. Aishwarya needs my help.
I am ready 24 hours, 7 days, 12 months, immediately.
Tell me, what should I do?
Mr. Bachchan made an agreement with him.
He said, there are some assets,
I will transfer them to you.
For example, there is FD,
I will transfer it to you.
Whatever interest that FD will get, whatever interest that
FD will get, you should receive it and send it to Ms.
Sir, even in that case, the provisions of clubbing will be
direct.
The transaction that you have done, in the eyes of the
government, is already there.
In this case, your tax will be imposed here also.
What is he saying?
All the income arising directly or indirectly to any person
or association of the person from the assets transferred
directly or indirectly without consideration to such person
will be included in the total income of the individual to
the extent such income is used by the transferee for the
benefit of the transferor's wife.
Simple point.
Same point, not a new point.
The points that were applicable in the case of the spouse,
those same points are being applicable in the case of the
son's wife also.
Is the point clear?
Is there anything new?
Come here.
This is the last point of this chapter.
Clubbing of the minor income.
What does minor mean?
Minor means, a person below the age of 18 is called a minor.
After 18, he is called a major.
Not an army major, but with a major age.
You are a person below the age of 18 and you get some
income from somewhere.