Through this video, we've understood 3 ways in which gifts can be taxed in the hands of the recipient. However, in this specific case, I found that t-series has not transferred this car to Mr. Kartik's name. Resultantly, no income is taxable in the hands of Mr. Kartik but at the same time, this should make it difficult for T-series to claim depreciation on the said car. While we cannot ascertain for sure as to which tax benefits T-series might be taking on this car, the discussion on various possible scenarios definitely adds to our knowledge and that is what the idea is behind all these case studies. Happy learning ❤
I am a musician who also runs a marketing agency. I have absolutely no background in taxation or anything that is similar or related to it. TH-cam recommended me your videos and even though I don't understand a lot of the terminologies in this account, I really enjoy these videos!! :D
I have interest in Taxation stuff but never gave time to it . After this Man's explaination I am ready to explore taxation now . Your voice is very soothing and full of confidence . Love to hear u .
I am giving CA inter november 2022 attempt. But now, after watching your some videos, I am feeling regret that why I didn't take taxation classes from you. 😥😥. In CA final i will definitely take taxation classes from you. 👍🏻
BCCI is registered as a charitable org and its income is exempt from tax, subject to fulfilment of conditions imposed that is it can spend as much as possible on the promotion and development of cricket in India without paying any tax.
I hope the farmers pay income tax soon, some kind of regulations come on purchase of property and every transaction is forced to be made bank to bank, 3rd is hope kartik aryan can save the taxes from this car !!
Sir your video are very informative sir from the title I thought it could only be taxed under 56(2)(x) and forgot about section 28 sir thanks for making such informative content
Sir, i would like to let you know that this car is registered under the name of T Series itself, which means t series would itself be claiming its depreciation and no chargeability in the hand of kartik aryan. Well its a non compliance of section 32 which allows depreciation to the extent it is used for business purposes but still they are planning this. Infact, Nora Fatehi's car (Merc. CLA ) also is gifted by T series the same way.
Since I'm not from economic-taxation freak background i find it hard to understand & what kind of sections were mentioned. But I hope I'll get to know slowly with time in terms of any topic related to TAXATION. I realised that knowledge of taxation is very important irrespective of your income.
Hello sir, I am from karnataka, your classes and case studies very interesting and useful for us and I requesting you to please teach 30℅ by using english
Sir me CA to nahi huu CA student bhi nahai huu 12th Commerce chal rahai hee but pata nahai kyu apke videos dekhne me bada maza ata hee our both intresting bhi lagti hee 😍😍🤩
@@matrix-4x Arreey I meant sirf tax ki coaching lelo na sikne ke liye as a Hobby learn about tax....CA toh Mai bhi nahi kar rha Mai CMA(USA) kar rha hun 🤣
Sir I didn't get a point if someone is gifting me a car that expensive and I have to pay tax , the guy that gifting me already paid the tax to buy it ?
Answer my dumb question 🙏🏼 If i open a partnership firm with my friend with no intend to generate profits but to just spend on things i want to buy . And keep an eye on what he does with the invested capital. Can department ask us why r u spending on things unrelated to business. We dont want any gst input credit. Firm will always be in a loss .
Why u want a firm then. Legally partnership is defined as when two or more persons come together with an intention to share profits as per Indian Partnership Act. Legally this wouldn't be construed as a Partnership under the law you couldn't even sign a valid partnership agreement if you state your intentions as such
@@tanishqpatel_28 what is the solution...for If i have a big chunk of money which i want to give him to use...without paying anything me back(so not as a loan) and not including gift taxation. I just want to give him money to use...all i m asking is does govt care about where a firm spends money if its in loss and claims no input tax credit.
Tax planning:- When my Friend want to gift me rs 1 lac in cash i will say them buy me a car as gift and then i will sell that car . NO GIFT TAX, NO CAP GAIN TAX....😊😊easy life...
@@adityakheterpal3070 actually whole statue is well drafted there is no scope of tax planning i mean 1)relative defination in sec 56(2)(x) is exhaustive and covers majority of relative no problem there. 2)If you receive from non relative so it could be either friend, employer or business If you receive from eyer it is taxable as perq , if you receive as business or proffesion like kartik aryan then section 28, but if you receive car from your friend inseated of cash then the above Tax planning can be applied . cause cash gift from friend is still taxable...
Still you'll be taxed u/s. 56 (2) (vii) (c) as any property other than immovable property received without consideration or inadequate consideration whatever the case might be. CBDT chutya thodi hai Bhai
Thank you for the information, just for the knowledge the car is actually registered in the name of “Super Cassettes Industries Pvt Ltd” which is T series.
Sahil sir are you from Maths background or from non maths background i m CA foundation student i always admire you the way you speak i like your personality being a foundation student I wanna know about your CA foundation journey as well!!
Sir John Abraham actor bike apne liye kharidta hai or baad mai loog use kharid lete hai higher price mai kya ye pgbp income banege John ke liye. Pls explain
Suppose i am an employee with 10k salary and out of the blue i am gifted this 5 cr car. And my employer also claimed it. Now how can a 10k earning person give a tax of 2 cr? What will happen in this case? This is my ques(as the gift is car and not cash)
You can either deny this gift , or arrange the money from anywhere as you would be having profit anyway, then you can either sell the car , return the 2 cr with interest and have a profit of under 3 cr or just work hard and return the loan and keep the car.
I would never paid taxes and transfer all my assets to developed countries and secretly transfer all money in the form of crypto currency which Indian government can never find out.
Thats why businesses in India can never become a hit . The taxation system is so bogus and so mean . If I even open a company , I will rather register it in Singapore .
Through this video, we've understood 3 ways in which gifts can be taxed in the hands of the recipient.
However, in this specific case, I found that t-series has not transferred this car to Mr. Kartik's name. Resultantly, no income is taxable in the hands of Mr. Kartik but at the same time, this should make it difficult for T-series to claim depreciation on the said car.
While we cannot ascertain for sure as to which tax benefits T-series might be taking on this car, the discussion on various possible scenarios definitely adds to our knowledge and that is what the idea is behind all these case studies. Happy learning ❤
3 cr Mai milgayi. 2cr ta tax dia na
@@dibya595 Bhai mere car ke liye 2 cr pay kiya toh car 5 cr ki 2 cr me mil gayi
Sir, TDS u/s 194R will be applicable if taxability arises u/s 28?
My doubt is buyer paid 5cr and gifter to karthik with 2cr tax so total 7cr all spend? Im not able to understand much hindi
@@dibya595 bhai mere Mr.kartik Aryan ko gift mili hai so unko 2 cr pay karna padeg jabki Mr.bhanushali ne 2cr ka tax bachaya hai.
i have no background in tax neither any interest but this gentleman explained it so good and in layman terms. . loved it ❤️
Engineer saab aap bhi kabhi CEO ban sakte ho. Sikh lo taxation
@@raaagent tbhi seekh rha hu mei bhi, i am in 12th pcm student🤣🤣🤣🤣
I am a musician who also runs a marketing agency. I have absolutely no background in taxation or anything that is similar or related to it. TH-cam recommended me your videos and even though I don't understand a lot of the terminologies in this account, I really enjoy these videos!! :D
One video 3 chapter ka knowledge 🔥🔥🔥. Thank you sir for giving practical knowledge.
Salary pgbp and ifos
The line "Hnjii Gud evening".. ❤️Has a nxt level fan base.... ❤️ My inspiration 😊
Gazab Sir !!!! You have mastered Tax at such young age !!! you are an inspiration to me !!!
Thank you Sir! The way you simplify the topics / concepts is awesome!
best explanation sir, i am a working accountant in jewellery firms, your videos are very helpfull for me, keep it up sir
I have interest in Taxation stuff but never gave time to it . After this Man's explaination I am ready to explore taxation now .
Your voice is very soothing and full of confidence .
Love to hear u .
Imagine being a employee getting 12 lakh p.a. And have to pay 2 crore for receiving a gift..😂😂
Then the person will have to sell that gift to pay taxes💀💀
@@mayur_jelmao 😂😂
@@mayur_je . 😂😂😂🤣🤣👍
@@mayur_je 😂😂😂😂
12lpa it seems like a good package 😆😂
Your knowledge depth and explanation skills are very effective.. Keep it up brother
Very well explained sir.Sir but is section 194R TDS applicable?(assume as if the gift was given on 2nd july 22)
Exactlly bro
Sir the way you explain is just phenomenal 😍
I am giving CA inter november 2022 attempt. But now, after watching your some videos, I am feeling regret that why I didn't take taxation classes from you. 😥😥. In CA final i will definitely take taxation classes from you. 👍🏻
From where you Have took the classes ??
@@princekumarsingh4057 jk shah
@@unknownperson9247 Which Branch? Which faculty?
@@unknownperson9247 Watch lecs of agam dalal from Jksc for Direct Tax
@@vansh9514 rajkot Branch. And faculty is umang thakkar
Very nice sir real life practical example.
Its very beneficial for us.
Understanding the Real life setuation.
Why BCCI Doesn't Pay Any TAXES To Gov
BCCI Will Earn 48000Cr Rupees From IPL Media Rights But They Didn't Give A Single Penny To Gov
@@Sourav_MadridCF chup lodde. Bcci bjp ka money minter hai isliye bkl amit shah ke bete ko chaukidar banaya hai
BCCI is registered as a charitable org and its income is exempt from tax, subject to fulfilment of conditions imposed that is it can spend as much as possible on the promotion and development of cricket in India without paying any tax.
Very nice explanation about gift sections🙌 great sir
What a explaination! I am civil engineer by proffession. Very well explained. Enjoyed.
Now this is what quality looks like!!
Tag Kartik Aryan, I am sure he would give a second thought for his gift😂
A gift which cost him to pay 2 Crore😂
Amazing video sir....provisions we study when learnt as real life case studies r soo satisfying😇😇
India is such a country where they got heavy taxation for anything to everything but the tax money goes to the politicians’ pockets at the end.
I am doing. engineering but the way you teach. CA course attract me 😅😅
I hope the farmers pay income tax soon, some kind of regulations come on purchase of property and every transaction is forced to be made bank to bank, 3rd is hope kartik aryan can save the taxes from this car !!
Sir car karthik ke name pr hai hi nai. Car bhusan kumar ki tseries ki koi subsidiary company ke name pr hai.
Sir your video are very informative sir from the title I thought it could only be taxed under 56(2)(x) and forgot about section 28 sir thanks for making such informative content
Section 28 is covered in intermediate or not?
@@gotupatel1937 yes covered
@@gotupatel1937 how can you read PGBP without sec 28....so ofcourse it is covered
Moral : Paise kamao.. CA dekhte baithega Taxation😂
😂
Being a CA finalist , just love ur series of such interesting real life tax related incidents 🥰🥰 Commendable job 👍👍👍
Why tax rate is 40% ??
Ap Inse hi Class Liye Theee kya?
@@thepiyushbhagat865 nhi
@@Hustle-o5c Okay Btw Best Of Luck for ur upcoming Final Exams!
@@thepiyushbhagat865 Thanks
Sir, i would like to let you know that this car is registered under the name of T Series itself, which means t series would itself be claiming its depreciation and no chargeability in the hand of kartik aryan. Well its a non compliance of section 32 which allows depreciation to the extent it is used for business purposes but still they are planning this. Infact, Nora Fatehi's car (Merc. CLA ) also is gifted by T series the same way.
If that’s the case, they might face issues with their depreciation claim. Anyway, we discussed some cases regarding gifting. Let’s leave it at that.
Since I'm not from economic-taxation freak background i find it hard to understand & what kind of sections were mentioned.
But I hope I'll get to know slowly with time in terms of any topic related to TAXATION.
I realised that knowledge of taxation is very important irrespective of your income.
shandaar ,,, jabarjast
Well explained, yes Aaj chuch Naya sikha, hamesha kiterah. ❤️❤️
Karthik trying to convince bhusan to not claim it as biz expenditure. 😉
From your each and every video, I learn something new and wait for new video eagerly.
Find new cases to share knowledge with us. Love From Delhi.
I also forgot about sec 28 thankyou sahil sir for these logics ❤️❤️
Hello sir,
I am from karnataka, your classes and case studies very interesting and useful for us and I requesting you to please teach 30℅ by using english
Sir me CA to nahi huu CA student bhi nahai huu 12th Commerce chal rahai hee but pata nahai kyu apke videos dekhne me bada maza ata hee our both intresting bhi lagti hee 😍😍🤩
Sir, in this case 194 R also will be applied & in that scenario how the TDS portion will be declared?
Sir ye gift me as per section 194R tds @10% lagega na?
Literally 40% tax!!! Indian gov should reduce it to 10%
Kartik Aryan be like - mujhe toh gaadi chahiye bhi nahi thi, faltu ka 2cr ka kharcha ho gya😭😭
🤣🤣
Sir agar car ko Kartik ke namm se hi purchase kiya ho and phir use Kartik ko hi de diya gya ho toh kya phir bhi tax lagega ?
Learnt something practical. Well explained.👍💯
Did not understand difference between 1:07 Sec 56(2)10 vs 7:03 gift from personal wealth.
Personal wealth means income on which tax has been already paid by assessee
Behtreen samjhate ho aap tho🤌🏻
Basically govt. Is like "usne bacha liya to tu bharega' 🤣🤣🤣
What a superb concept and video
What a great teaching
Blessed to have you.. Pls do more and more videos ❤from hyderabad.
On my way to being an *Income Tax Inspector* soon.
😎❤️
I am student of science background but I like your videos
Toh seekhna hai pura toh course Lelo Inka na
@@shivanshshukla5883 mat bulao bhai bohat gehra samandar hai..
@@matrix-4x Arreey I meant sirf tax ki coaching lelo na sikne ke liye as a Hobby learn about tax....CA toh Mai bhi nahi kar rha Mai CMA(USA) kar rha hun 🤣
@@ajay2552 forget your phone dude it's your last attempt
@@shrishri8898 Haan bandar kya jaane adarak ka swad
After watching your videos i feel like persuing CA. 😀 I am an IT engineer turned farmer.
Kyu bhai
@@OmkarPatil-kk2mb uski marzi
Well explained Sir ,thanks. MAKE MORE SUCH VIDEOS
Sir I didn't get a point if someone is gifting me a car that expensive and I have to pay tax , the guy that gifting me already paid the tax to buy it ?
Answer my dumb question 🙏🏼
If i open a partnership firm with my friend with no intend to generate profits but to just spend on things i want to buy . And keep an eye on what he does with the invested capital.
Can department ask us why r u spending on things unrelated to business.
We dont want any gst input credit.
Firm will always be in a loss .
Why u want a firm then.
Legally partnership is defined as when two or more persons come together with an intention to share profits as per Indian Partnership Act.
Legally this wouldn't be construed as a Partnership under the law you couldn't even sign a valid partnership agreement if you state your intentions as such
@@tanishqpatel_28 what is the solution...for
If i have a big chunk of money which i want to give him to use...without paying anything me back(so not as a loan) and not including gift taxation.
I just want to give him money to use...all i m asking is does govt care about where a firm spends money if its in loss and claims no input tax credit.
@@tanishqpatel_28 thanks for replying though
Superb explanation sir.....
Great information Sir 👍👍🙏🙏
Mind blowing sir ❣️💥✌️💯
sir, car to property ki definition me hi nhi hai na...to fir taxable 🤔
Good Evening Sir 🙏
Sir please make a Detailed Video on CA articleship it is kuch needed as you explain everything in a great manner🙏
Sir if possible please make one video on cryptocurrency taxation update with pros and cons
Make video on tax benefit of car for salaried employees
Well explained sir 🔥
Plot Twist:the car has been registered in the name of T-Series and not shown as gifted to Karthik Aryan🙃
sir ye batao Elon musk yaa jeff bezos tax kyun nahi dena padta ?
Tax planning:- When my Friend want to gift me rs 1 lac in cash i will say them buy me a car as gift and then i will sell that car .
NO GIFT TAX, NO CAP GAIN TAX....😊😊easy life...
If Relative covered by 56(2)(x) then even gift in cash is exempt
@@adityakheterpal3070 actually whole statue is well drafted there is no scope of tax planning i mean 1)relative defination in sec 56(2)(x) is exhaustive and covers majority of relative no problem there.
2)If you receive from non relative so it could be either friend, employer or business
If you receive from eyer it is taxable as perq , if you receive as business or proffesion like kartik aryan then section 28, but if you receive car from your friend inseated of cash then the above Tax planning can be applied . cause cash gift from friend is still taxable...
Still you'll be taxed u/s. 56 (2) (vii) (c) as any property other than immovable property received without consideration or inadequate consideration whatever the case might be. CBDT chutya thodi hai Bhai
@@Chartered_Rascal arrey haan yeh bhi toh provison hai😂
yeh kya bakwas h isse toh tera loss hoga
Thank you sir for making this video on special request🙏🙏🙏
Always a pleasure Hardeek :)
@@TaxationWithCASahilJain sir please make Revision Marathon video for ca final dt sir
Hi sir do have recorded video. Of income tax and gst.
Sahil Bhaiya 3rd Gifting section ko IT me konsa section lagu hota hai?
Sir pls make a video on the Vivo's tax evasion
Nice Explanation Sir
What an excellent voice.
Well explained sir🙌🏻❤️
Aap ne kaha ki tax 40% dena padega. Lekin government ne 18% GST lagaya hai. Tax ke bare me full video banaiye sir.
sir patent royalty income me kitna tax pay krna pdhta hai ????
Thank you for the information, just for the knowledge the car is actually registered in the name of “Super Cassettes Industries Pvt Ltd” which is T series.
Sahil sir are you from Maths background or from non maths background i m CA foundation student i always admire you the way you speak i like your personality being a foundation student I wanna know about your CA foundation journey as well!!
Sir what about the new tds section 194R will that be applicable here
Sir ye dono to pay kar rhe hai but finacne to nhi skti na ye??
In what section will tds be deducted here? 194J or 194R?
sir wo apne gadi ke loan wali video nhi dali abhi tak
Sir John Abraham actor bike apne liye kharidta hai or baad mai loog use kharid lete hai higher price mai kya ye pgbp income banege John ke liye.
Pls explain
Sir please tell tax an investor/ or a daily trader need to pay
Suppose i am an employee with 10k salary and out of the blue i am gifted this 5 cr car. And my employer also claimed it.
Now how can a 10k earning person give a tax of 2 cr?
What will happen in this case?
This is my ques(as the gift is car and not cash)
You can either deny this gift , or arrange the money from anywhere as you would be having profit anyway, then you can either sell the car , return the 2 cr with interest and have a profit of under 3 cr or just work hard and return the loan and keep the car.
@@Omlathe thanks for replying. Its sad govt wants its piece everywhere. Unethical although.
I would never paid taxes and transfer all my assets to developed countries and secretly transfer all money in the form of crypto currency which Indian government can never find out.
Lekin sir ye car T Series ke naam pr h na ki Kartik Aryan ke
Sir 40 crore LIC agent commission per kitina tax lagega ?
kya faida hua phir gift ka agar isko pay karna pade
Sir Apne income ke baaremai ek video banayea sir please
Sir. Detailed video forex trading income par banao pls.. Is ko lekar bahot confusions hai so pls aap banaea is pe video.
Excellent 👍
Can you please make a video on Tax on income from share market!
Sir Kya Hotel Purchase Pe GST Benefit Milega.. Like Tv, AC, Geyser, Beds, Kitchen Equipment, Bathroom Fitting, Tiles, Paints.. 🙏🙏
Mr Sahil need your guidance for tax planning . Please guide how to reach you ..?
Blood relation k andar koi gift de toh bhi tax lagega kya???
Sir make a video on Swiss bank and green money
Good.
Information 💯👍
Thats why businesses in India can never become a hit . The taxation system is so bogus and so mean . If I even open a company , I will rather register it in Singapore .
5:38 saala bina matlaab 2 cr ka kharcha hogaya 😂😂😂
learned a lot from your videos