Surat builder to pay tax on surrendered cash of Rs6000 crore

[jakab]

Surat,Nov14:A builder and diamond merchant from Surat , has surrendered cash of Rs. 6000 crore. Ifconfirmed, he will also have to pay a sum of approx Rs. 5400 crore as tax on the money (30 % as tax, which is 1800 crore and 200% fine on the tax, which is another 5400 crore).He is one of the richest builders and diamond merchant of India. He has also been in news various times for his charity works and expensive gifts to all his employees every year. This year in February, he donated Rs. 200 crore for the purpose of girl child education which won him respect throughout the state. He gifts his employees cars, flats, etc on the occasion of Diwali – the news of which have found place in newspapers many times. The most interesting fact about him is that he is the same man who had bought PM Modi’s much ‘controversial’ suit whichhad his name all over it.Although this is an extremely high value surrender, various other cases of arrest, recovery and raids have come to the light after Modi launched a nationwide crackdown on unaccounted wealth and corrupt people. Here are some of the incidents of massive recovery of unaccounted wealth. Apart from recovery, there have been multiple instances where sacks full of torn notes, stacks of burnt notes and huge sum of money flowing in rivers have been found out.
http://www.indialivetoday.com/surat-builder-pay-tax-surrendered-cash-rs6000-crore/60255.html

 

[santosh]

Very very good news . Penalty should be strictly imposed on perpetrators

 

[PRK]

I don't understand. Was it black money or white money? If it's white he doesn't have to pay any extra tax. Anyways, if it's black, govt will get tax equivalent to crores of people's tax.

 

[shawl_who]

so much money s hiding :angry

 

[hike]

This Indian Businessman Has Surrendered ₹6,000 Crore In Cash. Here’s His Unbelievable

PM Modi ruffled some feathers when he decommissioned ₹500 and ₹1,000 notes for transactions in the country this past week.

By not giving people ample time to process their cash into notes of ₹100s or less, PM Modi made lakhs of crores worth of black money useless.

But this change (little pun intended) has come at a big cost to the regular citizen of the country.
From standing in long queues for hours at the bank, to arranging for urgent cash for an impending family function, Indians have been through it all these past few days and they don’t seem too happy with their lack of choice.

However it seems that PM Modi’s masterstroke is finally yielding some results as we’ve been getting news of bags full of ₹500 and ₹1,000 notes have been discovered in various parts of the country.

These stranded bags are deemed to be the black money that their owners couldn’t turn into white money as the cash limit for one transaction at the bank is only ₹4,000 for now.
The whole point of this exercise was to deem all the magnanimous amounts of black money useless.

And boy has it worked!
A businessman from Surat (Gujarat) has just surrendered a staggering sum of ₹6,000 crore in cash to the government.

In addition, the businessman will also pay ₹5,400 crore as tax on the money deposited by him (30 % as tax, which is ₹1,800 crore and 200% fine on the tax, which is another ₹5,400 crore).

This honest businessman is Surat’s famous diamond merchant and builder Lalji Bhai Patel. He has been donating to charities and social causes over the past years.

Lalji Bhai Patel is most famous for buying PM Modi’s suit-jacket with his name embroidered on it.
Just this past February, Lalji Bhai Patel made the news headlines by donating ₹200 crores for educating the girl child in the country. He’s also famous for giving out cars and residential flats to his employees on Diwali (not to be confused with another Surat businessman Savji Dholakia who also does this).

Although it’s a very high amount of surrender, economists believe this sum is not nearly as big as black money surrenders could get in the country.

We hope our government will put this honest businessman’s selfless contribution to a good use.

This Indian Businessman Has Surrendered ₹6,000 Crore In Cash. Here's His Unbelievable Story

 

[jakab]

RE: This Indian Businessman Has Surrendered ₹6,000 Crore In Cash. Here’s His Unbelievable

Already posted http://dreamdth.com/showthread.php?tid=147155

 

[Hemant Sanghavi]

As per today's news of Divya Bhaskar (Gujarati news paper), the news is wrong. There is no such disclosure.
:no