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Old 5th June 2007, 02:24   #61
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I find the number hard to digest. The most expensive home transaction so far was the one Mittal bought from Bernie Eccelstone for 28m pounds.

Mukesh should try to create an architectural wonder that will also become a landmark in Mumbai rather than put his money in gold plated taps for instance.
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Old 5th June 2007, 02:36   #62
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Originally Posted by veyron1 View Post

Probably 2 or 3 of Mukesh's own cars. And 165 of Anil's. Including the Lambo.

Anil's cars in Mukesh's parking lot ?

Doubtful
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Old 5th June 2007, 04:08   #63
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Quote:
Originally Posted by Mpower View Post
I find the number hard to digest. The most expensive home transaction so far was the one Mittal bought from Bernie Eccelstone for 28m pounds.

Mukesh should try to create an architectural wonder that will also become a landmark in Mumbai rather than put his money in gold plated taps for instance.
Correction Mittal bought from Kensington palace Gardens from Bernie Eccelstone for £70 million not £28 million

£28 million was the figure which he spent on his daughters wedding.

Last edited by ash_edged : 5th June 2007 at 04:10.
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Old 5th June 2007, 09:40   #64
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Originally Posted by Mpower View Post
I find the number hard to digest. The most expensive home transaction so far was the one Mittal bought from Bernie Eccelstone for 28m pounds.

Mukesh should try to create an architectural wonder that will also become a landmark in Mumbai rather than put his money in gold plated taps for instance.
It is actually quite easy to spend this type of money. Lakshmi Mittal built a house on Aurangzeb Road in Delhi. He replaced all the copper/aluminium electrical wiring with 'GOLD WIRING' since Gold is a better conducter than copper.
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Old 5th June 2007, 12:03   #65
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It is actually quite easy to spend this type of money. Lakshmi Mittal built a house on Aurangzeb Road in Delhi. He replaced all the copper/aluminium electrical wiring with 'GOLD WIRING' since Gold is a better conducter than copper.
And what exactly is the source of this imformation? IIRC LM does not have a house on Aurangzeb Road, rather he's bought a house last year on Amrita Shergill Marg for around 120-130 crores.
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Old 5th June 2007, 12:36   #66
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Wow you guys keep track of how much these guys spend and what kind of wiring is done in their homes. Come off it.
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Old 5th June 2007, 12:41   #67
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It is actually quite easy to spend this type of money. Lakshmi Mittal built a house on Aurangzeb Road in Delhi. He replaced all the copper/aluminium electrical wiring with 'GOLD WIRING' since Gold is a better conducter than copper.
Thats the most lubricious thing I have ever heard! The house was on Amrita Shergill marg.
In Delhi its easy, land is so expensive that you can have a hut costing a hundred crores.
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Old 5th June 2007, 13:02   #68
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answer to the heading of the thread, I'd say its "india's prosperity' !!
People do know that for every 100 crore these people make they contribute At least 50 crore to the coffers of the Govt!! and which is spent on as we all know What??!! e.g.=this years budget has earmarked some 20000 crore for education!! where is this money spent?? to bring out better Indians for the future, to bring about literacy in villages, and these very, educated indians go abroad to take up Lucrative jobs, as NRI's, since there isnt enough scope in India!!
Profit is a fundamental right of a businessman, BUT excessive Profiteering is allowed only to Few priviledged/connected people!!
insane display of wealth is again a relative term, levels differ from party to party, communists, capitalists and socialists.?
Sorry for the expression.
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Old 5th June 2007, 15:47   #69
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Prosperity for a few with our lopsided tax laws. As a business man, I could earn 5000 crores p.a as dividend income and not pay a single penny as tax (as dividend income is tax-free), whereas as an individual in service, even if I earn barely 4- 5 lacs, I still have to pay 30% tax plus surcharge, cess etc.

If the congress or anyother party is really for the common man, the tax laws need a look-in IMO.

Cheers
Ajay
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Old 5th June 2007, 16:07   #70
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Prosperity for a few with our lopsided tax laws. As a business man, I could earn 5000 crores p.a as dividend income and not pay a single penny as tax (as dividend income is tax-free), whereas as an individual in service, even if I earn barely 4- 5 lacs, I still have to pay 30% tax plus surcharge, cess etc.

If the congress or anyother party is really for the common man, the tax laws need a look-in IMO.

Cheers
Ajay
Sir, dividend is paid out of Tax paid money!! and further a dividend tax is paid by the company, declaring/paying dividend!!
So, a double tax occurs. just that an individual does not pay. In effect, to pay lets say 1 lac as dividend, the company has already paid 50000 as tax!!
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Old 5th June 2007, 18:10   #71
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Sir, dividend is paid out of Tax paid money!! and further a dividend tax is paid by the company, declaring/paying dividend!!
So, a double tax occurs. just that an individual does not pay. In effect, to pay lets say 1 lac as dividend, the company has already paid 50000 as tax!!
Thts my point. The individual doesnt pay. Theoritically (or actually), it could be possible that a Aziz Premji would be paying lesser amts in taxes as compared to what you and me are paying....
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Old 5th June 2007, 18:20   #72
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Originally Posted by ajayclicks View Post
Thts my point. The individual doesnt pay. Theoritically (or actually), it could be possible that a Aziz Premji would be paying lesser amts in taxes as compared to what you and me are paying....
So, you will be fine if the the company pays 10000 crores directly as salary to the same businessman and he pays income tax on it. In India both corporate/individual max income rates are max 30%, so what is the difference? You just wish to see individual paying it instead of company?
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Old 5th June 2007, 18:24   #73
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I just wish they'd raise the threshold for the middle class. We get squeezed here seeing 30%+ of our salary going and fail to see the returns on that.

Last edited by Rtech : 5th June 2007 at 18:29.
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Old 5th June 2007, 18:52   #74
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So, you will be fine if the the company pays 10000 crores directly as salary to the same businessman and he pays income tax on it. In India both corporate/individual max income rates are max 30%, so what is the difference? You just wish to see individual paying it instead of company?
I have to admit. maybe there is a flaw in my logic . I am just a frustrated "salaried class" individual struggling to make ends meet.

On the other hand, what if I am not the owner of the company, but still have a significant stake in it? Suppose I get 10 crores as dividend. THe company pays 3- 5 crores as tax on it. And i pay nothing. What is the total outflow to the company? 10 + 3-5? Thats 13- 15.

Now if the rules are reversed... The individual pays and not the company, then the company pays me 10 crore and from that 10 crore i pay to the IT.

How does this matter? Well, less cash outflow from the company's prespective- a healthier balance sheet, meaning greater benefits to all the stake holders- including small retail investors.

Again, there could be a flaw in my logic. To repeat myself in slightly different words, I dont want to be the only person paying income tax. By "I", I mean the salaried class in India.
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Old 6th June 2007, 10:50   #75
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Originally Posted by ajayclicks View Post
... what if I am not the owner of the company, but still have a significant stake in it? Suppose I get 10 crores as dividend. THe company pays 3- 5 crores as tax on it. And i pay nothing. What is the total outflow to the company? 10 + 3-5? Thats 13- 15.

Now if the rules are reversed... The individual pays and not the company, then the company pays me 10 crore and from that 10 crore i pay to the IT.
Ajay, the point is, the company is paying you 10 crores out of post-tax income. In the second case, the company would be paying you more than 10 crores, out of which you would pay 3-5 crores as tax. Either way it makes no difference. It's only to avoid double taxation.
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