Actor Kartik Aryan recently received a McLaren GT supercar as a gift from Bhusan Kumar, the owner of the T-Series. Such gifts can attract a lot of taxes and here is a video by CA Sahil Jain that explains how much tax he will need to pay for receiving the car as a gift. But will he really need to pay so much money as tax? Well, here is an explainer.
Rs 2 crore tax on McLaren GT
According to the video, if the McLaren GT is gifted by T-Series to Kartik Aryan because of the success of the movie Bhul Bhooliya, the actor will need to pay tax. While T-Series will save tax by gifting the car and showing it as a part of the business expenditure. T-Series can claim back Rs 2 crore tax.
Kartik Aryan must have shown the car as a gift but would have paid Rs 2 crore tax on the vehicle as it was received as a gift. Under different circumstances, as discussed in the video, Kartik Aryan would have to pay Rs 2 crore of tax. However, is this the case?
Will Kartik Aryan pay Rs 2 crore?
Well, the McLaren GT gifted to Kartik Aryan is not registered to the actor. It is registered to T-Series according to the registration details. It means that Kartik Aryan does not own the car, he is only driving it around and using the vehicle. T-Series, which owns the McLaren GT can claim depreciation tax later but will have to pay the full amount of the car upfront.
The McLaren GT is an entry-level sportscar from the manufacturer’s range. It gets a price tag of Rs 3.72 crore, ex-showroom. This is the base price of the car without any customisation option. However, McLaren offers a preconfigured add-on pack for the GT, which costs Rs 29.77 lakh.
Even though it is entry-level, McLaren GT gets a V8 engine. The McLaren GT draws power from a 4.0-litre V8 engine with twin-turbochargers. It gets a seven-speed dual-clutch transmission. The engine churns out a maximum power of 611 Bhp and peak torque of 630 Nm. The McLaren GT can do 0-100 km/h in just 3.2 seconds. The top speed is limited to 326 km/h.
The actor also owns a Lamborghini Urus. He is mostly spotted in the Lamborghini Urus to commute around. To avoid waiting for his new car, Kartik Aryan airlifted the Urus from Sant’Agata Bolognese, Italy, the home of Lamborghini. Kartik had to spend a lot to get his hands on the Urus three months earlier. According to the National Herald, Kartik Aryan spent around Rs 50 lakh to airlift the Lamborghini Urus. It was the fastest way for him to get his hands on the car that already cost around Rs 3.5 crore.