You go to Indian Idol, there you get the fees as per
episode, as per episode, as per TRP, as per singing, you
get the fees there.
Now the fees that you are earning, you are earning because
of singing.
You are getting the money because of your specialized
skills.
You have the talent of singing.
Because of that you are earning that money.
So what will happen in that case?
He is saying that however the income derived by the minor
from manual work or from any activity involving his skill,
talent or specialized knowledge will not be included in the
income of the parent.
In that case, the club will not be in the hands of the
parent.
The minor child will file his own return in that case.
In his own hands, his income will be taxable.
But what is the condition in this case?
The condition is that the money he is earning is due to any
specialized skill or talent.
He is earning due to specialized knowledge.
It is good in singing, dance, acting.
In that case, it is a scam.
Or that magic pencil guy Sanju, a fruit used to come in his
childhood, I remember.
A Karishma's Karishma serial used to come.
Or all the characters of Tappu Sena.
All these are earning money due to their specialized skill,
talent or acting talent.
In that case, their income is not taxable in the hands of
their parents.
It will be taxable in their own hands.
And which parents should be taxable in their hands?
In the case of parents, in whose hands should the club be
taxable?
Look at this.
The income of the minor will be included in the income of
the parent, whose total income excluding the minor income
is greater.
In whose total income is more, the club will be in his own
hands.
Why? First of all, the income of that person is more.
The income of the minor will also be added to it.
Who knows?
There may be a slight change in the slab rate.
If the slab rate increases,
if the slab rate increases, then according to 30% or 20%,
whichever is the case, tax will be imposed on it.
So, if you are doing the income of the minor, then in whose
hands should the club be taxable?
Whose income excluding the minor income is more.
In whose hands should the club be taxable?
Okay?
Now suppose, in whose hands should the club be taxable?
An illiterate kid has asked me a question.
Suppose,
a parent gets divorced after a year or two.
Now, in whose hands should the club be taxable?
Earlier, it was said that in whose hands should the club be
taxable?
Now, what should be done?
The answer is written in the fifth point.
What does it say?
Where the marriage of the parents does not subsist, the
income will be included in the income of that parent who
maintains the minor child.
Whichever parent, either father or mother, whoever takes
custody of that child, whoever takes care of that child, in
whose hands should the club be taxable?
In whose hands should the club be taxable?
But, when should the club not be taxable?
When should the club not be taxable?
When, that minor child with his specialised skills, talent
and knowledge earns money, in that case, in whose hands
should the club be taxable?
And, there is a benefit given in section 1032 by the
government, that if you are a parent and the income of the
minor child is clubbed in your income,
then you will get an exemption of Rs. 1500 per child.
You will get an exemption of Rs. 1500 per child per annum.
Sir, this was the point of the minor child.
I hope the point is clear.
Is there any problem in this?
See, section 1032.
In case, income of an individual includes income of the
minor child, then such parent shall be entitled to the
exemption of Rs.
1500 in respect of each child.
However, if income is less than Rs.
1500, then entire income shall be exempted.
Because, we have already given you an exemption of Rs. 1500.
This is the point, sir.
Is there any problem in this?
Is there any problem in clubbing, sir?
I have given you many examples of clubbing.
Let's see if there is anything else pending in this.
See, there is a topic of cross-transfer.
Cross-transfer is nothing, friend.
What is the meaning of cross-transfer?
For example, I am there.
I have to divert my income.
I come in such a slab rate that I have to divert my income.
So, what will I do?
What will I do?
I will transfer my asset.
Now, for example, what did I do?
I transferred my brother's son, my nephew's asset.
I transferred my nephew's asset.
There, my brother transferred my wife's asset.
Now, do you understand?
Do you understand how the transfer is happening?
I transferred my nephew's asset.
My brother transferred my wife's asset.
Ultimately, what is happening?
Cross-transfers are happening.
So, in this cross-transfer, the extent of the transfer, for
example, if I have transferred Rs.
10 lakhs to my nephew and my brother has transferred Rs.
12 lakhs to his wife, then in this case, Rs.
10 lakhs will be considered as a cross-transfer.
Whatever income will come out of Rs.
10 lakhs, the asset of Rs.
10 lakhs has been transferred.
There is nothing to do with the asset.
But, in this case, you club the income.
The provisions of clubbing say that you club the income.
So, whatever income will come out of Rs.
10 lakhs, you club that.
Leave the extra Rs. 2 lakhs.
Whatever income will come out of Rs.
10 lakhs, the income that you have earned from Rs.
10 lakhs, you club that in your hands, in the hands of both
the brothers.
Ultimately, the design of this transaction has been done in
such a way that there is a diversion of income.
Whatever income will come out of Rs.
10 lakhs, you club that in your hands.
Leave the extra Rs. 2 lakhs.
This is the point of cross-transfers.
Now, you see, clubbing your provisions.
How smart a person becomes.
He says that the income is more.
Should I show it in someone else's hands?
But, sir, if you show it in someone else's hands, try to do
this.
There is no problem in showing it.
But, the effort will remain the same.
Always try to keep this.
That it should not be without consideration.
If it is being transferred with proper consideration, in
that case, no clubbing will be applied on you, sir.
If you transfer the spouse, clubbing is applied.
If you transfer the son's wife, clubbing is applied.
We have read the cross-transfers in this.
Remuneration to the spouse is being transferred.
Like the case of Shahrukh Khan and Gauri.
We have read that in this case.
Now, you see, this is the point.
Hopefully, friends, the topic will be clear to you.
The topic ends here.
Nothing is left in the chapter of clubbing.
Now, the topic of income tax will be the last.
This will be the last topic.
This will be the last video of clubbing.
This will be the last video of income tax.
Friends, I have tried a lot.
We have had many lectures.
I tried my best to give you real-life examples to explain
to you.
I do not believe in teaching to the students.
My objective is always to explain my point to the students
by giving real-life examples and images.
Other than this, it becomes very boring.
Friends, this is our last lecture for today.
These are the last few moments that we are spending
together.
First of all,
I would like to apologize if I have made any mistake.
If I have said anything wrong about anyone.
Please forgive me.
Please forgive me as your younger brother.
But I have always tried to make you understand things.
I have tried to explain things in this way.
If you still have any doubts, you can note my number on
WhatsApp.
It is 95820 82764 82764 You can send me your queries on
WhatsApp.
Remember my email address.
GuptaShrey83 GuptaShrey83 guptashrey83 guptashrey83
gupta-83 gupta-83 gupta-83
I have never been in a relationship with a student or a
teacher, nor have I ever said such a thing.
I am just trying to make you understand.
Now, our lecture is over.
I will teach you how to fill forms in ITR.
Don't worry about that.
Before I leave, I would like to say one thing.
Do dream in life.
Dreams do come true.
The difference between dreams and reality is only 19-20
years.
Dream without asking anyone.
You are responsible for your own life.
Do whatever you want to do now.
Do it within 3-4 years.
When you become 50-60 years old, you won't have any regrets.
I wish I had listened to my teacher at that time.
I wish I had worked a little harder at that time.
I wish I had shown a little passion.
Life would have been different today.
Forget about these 3-4 years.
These phone calls and messages are nothing.
You will get 4 instead of 1.
First, become something.
You will get a line.
There is nothing in these things.
Make a career.
Build a good empire.
Earn money. Live a good life.
Think about your parents.
Show them something good in life.
With this, I say goodbye to you.
Thank you so much for listening to me.
We have made a lot of fun.
We have made a lot of fun and studied a lot.
Thank you very much.