Are pehle mereko bhi samj ni aaya per baad main samj aa gya Iss video main ye bata raha hai ki jaise aapne 1cr ki painting buy ki or aapne vo kahi pe daan de di or uss painting ko kisi ne 10cr main khareed liya to aapne to vo painting daan de di to tax ke hisab se agar aapne kahi daan diya hai to agar vo kisi ne kareed liya to aapko tax ke hisab se aapko 3cr takh ki chut mil jayegi jisse aapko 3cr takh ki income government ko tax ni bharna padega
@@bharatsocool अरे भाई लेकीन उस 10 crore मे खरिदने वालो को देखोगे तो फिर से वही सवाल नही खडा होगा क्या? १० crore में पेंटिंग कौन लेता है यार? पहले वाले १ करोड में लेणे वाले को tax return में फायदा तभी होगा जब ३ करोड से ज्यादा में वो पेंटिंग लेणे वाला भी कोई होगा नहीं तो पेंटिंग के भी पैसे गये और टॅक्स ३०% भी चला गया| किसी भी चीज की value एक साल में ३ गुना ज्यादा देकर कोई क्यों लेगा?
Funfact: The most expensive painting to be sold in an auction is Salvator Mundi by Leonardo Da Vinci. It was sold for $450 million ( ₹ 3150 crores) to Prince of Abu Dhabi for their Tourism Department.
Or he could have sold that in 10 crore. Earned 9 crore. Even after paying 30% on it he will still have 6.3 crore instead of the 3 crore tax credit that you are talking about 😂😂😂😂😂
Bakwas karke has bhi khud hi raha hai, costumer painting ke owner ka dost hi hota hai, jo sirf fake value banae ke liye aayega, ab govt ki nazar me value ho gai 10cr jo ki usne kharidi bhi nahi hai, samjha nahi samjha to abhi mummy se bournvita mang kar pee jab bada ho jaye to fir se aa jana me samjha dunga😂😂😂😂 ab has
The way he explained it is an oversimplification. Look up the video on the same topic by reed media. TlDR: They artificially inflate the value of the artist by manipulating publication houses into hyping up the artist. This results in the value of the painting increasing. The value is appraised by the government and if they find it valid then the rich person donates it to a museum. Also if they somehow find a buyer for it with the inflated price (very unlikely), they'll have to pay a sales tax on the amount they get which is usually around 30%. On top of that they'll still have to pay the tax on their original income as well. It's much better to get a deduction instead.
I need clarity on one thing u said if someone is interested to pay 10 corer then painting value becomes 10 corers but then instead of selling he donates it to museum and gets tax benefit of 3 corers, but what happens to the buyer does he buy from the museum or does it become museum property, and if nobody buys it from the museum won't then how is this increased price decided and by whom, do the museum just put a price tag according to there wish
People who came museum to watch that painting will pay small amount of commission to museum it's one of a fact that i know and there is many others factors are aslo there.
One fact he didn't mention is that often someone from the rich person's circle will only do the bidding to raise the value of the painting. Now, the 1 crore painting's value is increased to 10 crores, which he donates and gets tax credit of 3 crores.
@@mr.wholeworld2606 Agar wo Bewakoof admi painting to bech deta to 9 cr. Profit hota jispar 2.7 cr. Tax lagta aur usko 6.3 cr. Ka net profit mil jata 🙄.
Rich people often burn a significant amount of money on buying art because it can be a symbol of their wealth, status, and sophistication. Owning rare and valuable works of art can be a way to show off one's taste and refinement, and it can be seen as a way to distinguish oneself from others in their social circles. Furthermore, art can be a good investment for the wealthy. The value of certain works of art can appreciate over time, and many rich people see buying art as a way to diversify their investment portfolios. They may also view art as a store of value that can protect their wealth from inflation. For some rich people, buying art is also a way to support the arts and artists. They may feel a sense of satisfaction from knowing that they are contributing to the preservation and promotion of culture. In addition, collecting art can be a hobby or a passion for some rich people. They may derive enjoyment and fulfillment from studying and appreciating works of art, and building a collection can be a way to pursue this interest. Overall, rich people may burn a lot of money on buying art for a variety of reasons, including as a symbol of status, as an investment, as a way to support the arts, or as a personal passion or hobby.
But what about the second owner buying it and how does this selling cycle ends and what will be the final price of the painting when this buying-selling cycle ends?
@@jeevan88888 वही तो. ऐसे सभी करने लगेंगे तो टॅक्स एक रुपया भी नही लगना चाहिए ना? कोई जान बुझ कर १ करोड की पेंटिंग १०० करोड में लेणे की bid करेगा तो क्या ००₹ टॅक्स होगा?
For people who are confused - Ab jaise kisi k yearly income 100 crore hai. To tax lagega 30 crore. Lekin painting ko 1 crore me kharid liya fir usse museum ko de do. Wo uska price 10 crore tak manipulate karke le jate hain. To yeh log show kar dete hain k humne 10 crore charity me de diya. To ab 100 crore k jagah 90 crore k hisab se tax calculate kiya jayega. To ab usse sirf 27 crore tax bharna padega 30 crore k jagah. To wo 1 crore ka fayda lar lega.
Just by someone expressing interest to buy it at 10 Crore doesn’t automatically increase its value. If such were the case then people will start cutting deals to express interest without actually buying (having to spend any money) anything and make Crores overnight.
So for people saying that he could've sold the painting for 10 crores and still pocket 7 crores with a 30% tax slab, remember it's actually difficult to sell the painting that high, and 10 crore is the value of the painting (kind of like the interest someone has in that painting), so when he donates that painting, it's apparent value was 10 crore which gives him a tax credit of 3 crores. It's like saying that you purchase a house for 1 crore and someone values it at 10 crores and you donate the house to charity, you have a 3 crore tax credit. I however think there are ways to legalize this valuation, otherwise, I can start a fictitious company tomorrow and generate 10000 shares against the company, and sell 1 share to someone for 100 dollars, so essentially my net worth would be 1 million dollars. But there are regulations in place that prevent that.
Sir read Capital Gain sections from Income tax act it's specially metion that painting, articlogical collection are included in capital gain and sale of which attracts income tax. This is not only in india but also in various other countries also.
This is based on assumption that one will find a buyer who is willing to buy it at 10cr. When you have bought it for 1cr that means at that point of time it's value is 1cr nd it's not certain that in how many years it will take when it's value will be increased to 10cr. But conceptually yes its a very interesting tax planning
or it can be sold for 10cr to collect the payment from a client for a service which can not be invoice legally, so the paiting sale act as a cover for that transaction.
Here a question comes: 3cr ka tax credit liya jisme se -1cr gya because Usne vo buy ki thi toh ab uske pass 2 cr ka tax credit hua finally, but agr vo 10 cr me sell kr deta toh -30% tax toh 7cr rh gye usme se 1cr buy ka deduct krdo or uske pass 6 cr bach gye jisse vo 6 cr ke tax pay kr skta h! Ab dobara vhi questions aata h ki itni expensive paintings ye log kyo buy krte h?
Thts the catch man.. No one has to actually buy it.. Someone needs to Inerested in buying it in 10cr. Tht makes the value of the painting 10cr and so it is a 10cr charity.. Hope u got their scam. ❤
Sahi baat hai 1 crore black money ke badle 10 crore ki white money aye hye thanks you brother Maine logo ki comment padhi par logo ko zyada pata nahi chala toh iss baat par mera dost bolta hai ki tu Gujarati hai isliye tujhe pata chal gaya
Jyada pateli mat mar 😂 1 cr ki black money se kaise kharidega vo bata?? Cash leke jayega kya utna 😂 itne badi amount ko kon entertain karega ??? Koi bhi savaal uthayega
Thts the catch man.. No one has to actually buy it.. Someone needs to Inerested in buying it in 10cr. Tht makes the value of the painting 10cr and so it is a 10cr charity.. Hope u got their scam
@@sameerkumardash5795 then why wont the person who got the painting at 1crore hire someone to say "i want to buy it for 1000cr", then he will have even more profit. This is some bullshit, there must be some catch in this.
After sale 30% nahi..long term capital gain pr 10% aur short term capital gain par 20% lagta hai...that too after reducing indexed cost of acquisition...what do you want to say? Acquiring at 1cr, donating painting to museum whose sale consideration is 10cr (donation made in kind isn't eligible for 80G) what's the point? Will you leave (9cr profit-tax @10.4%/20.8% as the case may be or you'll do donation( in case other country tax laws allows donation in kind)
No one buys the painting. The museum uses its name and influence to jack up the price for a small commission from the donor. The donor gets the offcial receipt that as per the valuers of the museum, the price is 5 or 10 crore or whatever crores. Then you get to show the tax department that you have donated a 10 crore painting to the museum. There are no buyers.
Because no one ever buys the painting. The museum uses its name and influence to jack up the price for a small commission from the donor. The donor gets the offcial receipt that as per the valuers of the museum, the price is 5 or 10 crore or whatever crores. Then you get to show the tax department that you have donated a 10 crore painting to the museum. There are no buyers.
@@prashant_kissago If the owner of the painting holds it and sends the painting for bidding and consider that it's value goes to ₹5 crore then the owner is clearly in loss. Because even after 30% tax the value will be 3.5 crore which is greater than 2 crore (3-1) crore
Thats the catch man.. No one has to actually buy it.. Someone needs to Inerested in buying it in 10cr. Tht makes the value of the painting 10cr and so it is a 10cr charity.. Hope u got their scam❤
@@shubhampatel_2704 What if increasing demand drives the price of painting up and you get double of what you save in taxes. The result is simple, YOU ARE IN LOSS!
Sir i think that person has loss of 6 crore on giving painting as charity . Because if he buy at 1 crore and sell at 10 crore tax on sell = 2.7 crore ( on 9 crore profit) then also after paying tax he earn 6 crore+ ...not understanding this game!!!
@@jeevan88888 अरे भाई लेकीन उस 10 crore मे खरिदने वालो को देखोगे तो फिर से वही सवाल नही खडा होगा क्या? १० crore में पेंटिंग कौन लेता है यार? पहले वाले १ करोड में लेणे वाले को tax return में फायदा तभी होगा जब ३ करोड से ज्यादा में वो पेंटिंग लेणे वाला भी कोई होगा नहीं तो पेंटिंग के भी पैसे गये और टॅक्स ३०% भी चला गया| किसी भी चीज की value एक साल में ३ गुना ज्यादा देकर कोई क्यों लेगा?
Initial cost- 1 Cr. Auction price - 10Cr. Prefer to donate Tax credit - 3 Cr. If he would sold it, then, Initial-1 Cr. Auction price- 10cr. Gross Profit- 9 cr. Tax- 3 Cr Net Profit- 6 cr. Then why to donate ? For only 3 Cr. When you can get 6 cr. ??
Politicians make paintings and sell them to companies who do Government contracts. Percentage of kickbacks is the value they put on that worst painting. Valuation of those things doesn't have any rules.
पेंटिंग बेचने वालों का पूरा ऑडिट सिस्टम होता है कई सारे अमीर लोग एक साथ काम करते हैं और पेंटिंग की निश्चित कीमत नहीं है सोने की तरह इसमें कितनी भी कीमत पर बेच सकते हैं
Yaar simple sa funda logo ko samjh nhi aarha h... Ok I try may be samjh aajaye.. Pehli baat hui jo aap log kh rhe ho 10cr me bechi kyu nhi...10 crore ki boli laganae wala uska khud ka bnda hoga gurantee h meri...nhi to koi bhi business man painting bechne ki sochta... or aapne bahut se Bollywood waalo k khaas tor pr jb ye Kon bnega crorepati me aate h to jeeta hua amount charity kar dete h apne khud k NGO ko ...aapko pata nhi hoga charity karne se bade amir log tax bachcha lete h or khud k NGO me charity krke wo pesa bhi inke khud k pass aajata h or tax bhi bachta h ..in the same way painting kharidna us 1 cr ki painting ko 10cr ka batana or fir charity krke 3 crore bachana ye sab in amir logo ka tarika h tax bachane ka...aise he ye kai jgh charity show karte h or tax bacha lete h...jo ki charity bhi jaydatr bs show karte h actually me Gov't ki jeb me kuch na jaaye amir or amir hote jaate h...isme CA wagerh help karte h kese tax bachega kha se kese kitna pesa bacha le... I hope dhadhli ka ye dhandha kese hota h samjh aagya hoga ...
No! There's a limit on the deduction on donation, your major part of income remains taxable, And DONOT claim that CAs help Rich people in invasions of taxes (Khud k NGO m donation dekr Income tax me deduction nhi milta h bhai, andhi public ko chashma mt pehnao) (Political parties ko donation dekr, unse black money cash me liya jata h, yh practical h) There is PMLA 2002, CA Act 1949, Companies Act 2013 There is ICAI, NFRA, Central Govt. for taking care of all these CAs may help them in tax planning within the boundaries of law, not in tax invasion not all of them Also, those CAs who are involved in such activities, have to suffer consequences of professional misconduct, Even if a very small proportion of CAs get involved in this, people claim that all CAs are alike, Do you know, how much effort one has to put? Do you know, what is the pass % of CA exams? How many years one have to give to CA course to hold a prefix of CA? Even if the majority are not in involved in tax evasion or similar kind of misconduct, People claim them, all of them to be corrupt. Also, CAs are not only experts in Taxation, They have to an expert in Accounting, Auditing, Finance, Cost & Management, Company Law, Business Law, Economic Law, Strategic Management
@@naveenchaudhary4072 kuch nhi b bs itna smghlo ki paintings jaisi cheezo me tax nhi lgta to jo ameer log hote h unka tax slab bhot high hota h to vo 1 crore ki painting khreedlete h and usko apne exibition me as such rkhlete h and koi unke painting ke 10 crore me lene ko taayar hojata h to usko vo dete h vo bhi bina koi tax diye so aise krke vo 10 crore and uske saath saath tax bhi bacha lete h
@@lovishaggarwal1402 लेकीन १० करोड मे लेणे वाला पागल होगा क्या? उसके पैसे - १० करोड तो museum को देने ही पडेंगे ना? वो घुम फिर कर उसके पास कैसे आयेंगे? Museum तो दान नहीं कर सकता किसी व्यक्ती को पैसे.
Its Right there is no capital gain on painting and scripters donating to national museum but National Museum will never give you high valuation and further they only exhibit that painting and scripters which are of National Interest
Some of friends are saying that why shouldn't have he sold it in 10 crore..Thats not the real buyer..he means a hidden deal b/w 2 people just to increase the price..
@@sumitrajput16_5_95 Thts the catch man.. No one has to actually buy it.. Someone needs to Inerested in buying it in 10cr. Tht makes the value of the painting 10cr and so it is a 10cr charity.. Hope u got their scam. ❤
Yes . This is the reason my buyers always ask me why I stop the exhibitions because they come into my house and collect my artworks. That’s why nowadays I stop my exhibition show. But I like to invite all of you . ❤
Sir aap to mahan ho 1cr me panting purchased kara 10 ka value hone par charity kar diya 9 cr ka profile ko charity me deke 10 cr ka loss kar lijiye 😅😊 Aap bolte ho tax na dekhe 3 cr ka profit kar Liya Kon se school me padhe ho Ex- Cost 1cr Value product increase 10cr Net profit - 10-1=9cr All amount give chairty Crore pati se ho gaya road pati😢 Aap bolte ho 3 cr ka profile bacha liya महान हो आप सबको आपसे math सिखनी चाहिए 😊😊😢न तो tax ki knowledge h na hi math ki Tax 10 cr pe kyo dega 9 cr me hi dega because 1 cr ka panting purchase ke vakt hi vo 30 % de chuka h vo
Dekh, Bought for 1 crore Value increased by 10x (declared by museum. U can even adjust price by giving goose/corruption) So, total value of painting is now 10 crore. Ab hame profit nhi nikalana CP SP nhi khelna. Give that 10 crore painting to charity. Income tax will see it as 10 crore and will give 3 crore relaxation. So Relaxation-CP= profit So, 3-1=2 CRORE PROFIT.
But why would a government give tax credit for a donation of a painting, irrespective of it's value? Why such privilege given to paintings in the first place? 🤔
He missed few steps, he himself buys that painting for 10 corore, now he made 9 coror (30% tax saving, he has painting and also adds value on painting) and then give it to their own charity organisation (another 30% tax saving), and add Thier value on assets (10 core), now he makes 16 corores.
No one buys the painting. The museum uses its name and influence to jack up the price for a small commission from the donor. The donor gets the offcial receipt that as per the valuers of the museum, the price is 5 or 10 crore or whatever crores. Then you get to show the tax department that you have donated a 10 crore painting to the museum. There are no buyers.
भाई, एक करोड की painting दस करोड मे बेचो ऑर ९ करोड कमाओ l उसपर ३०% के हीसाब से टॅक्स भरा तो भी ३ करोड से ज्यादा फायदा होगा l तो किस angle से donate करना फायदे का हुवा?
Some artist don't sell their art pieces at any cost , they just display .........Art is like Gold , older it gets more value adds into it......but these days everything is a business , which is sad .
Hi Sir.. I really dont understand... if we go to resturant and they charge us bill with GST 18% ... So suppose if original bill was 5000 and GST on that say 900 ruppes ... so total bill along with GST is 5900...ok... from our salary we already giving tax to Govt as per our income slab... and this resturant owner.. take GST from public.. and .. Govt after finicial year take tax from resturant owner.. ok.. But.. resturant owner already paying TAX to Govt.. which he collected from us in the form of GST.. so ideally he is not paying anything... and we as a common man.. paying salary Tax.. and resturant GST also... why this is so far.. can you explain me with an example Sir.. please
No one actually wants the painting. Every other buyer of the same painting is buying just to save the tax using same strategy😐 meanwhile fuddu painting price :📈📈📈...
