ViruRulez Posted June 23, 2011 Posted June 23, 2011 SURAT: The '360 Modena Ferrari', which once occupied pride of place in batting icon Sachin Tendulkar's fleet of premium cars, is now a prized possession of a city businessman. Jayesh Desai, Chairman of Raj Hans group, said he purchased the car a fortnight ago. "I have bought the 360 Modena Ferrari car directly from Sachin Tendulkar with all legal documents," Desai said, but declined to reveal the price. "It was my dream to drive a Ferrari and now my dream has come true," Desai, who has a passion for driving luxury cars, said. The Ferrari, which was presented to Tendulkar by racing legend Michael Schumacher, will be the first racing car in his fleet of luxury vehicles, Desai said, adding that his latest acquisition was a prized possession as it was owned by the batting great. "Kindly ask me only about the car and nothing about Sachin," he said when asked if he and Tendulkar were friends or had known each other. The Ferrari had got mired in a controversy in 2003 after it was reported that Tendulkar had requested for a customs duty waiver despite getting it as a gift and not winning it as a prize in a tournament. In August 2003, the finance ministry had exempted Tendulkar from paying around Rs 1.13 crore (approximately $245,000) towards import duty for the vehicle, valued at Rs 75 lakh (approximately $162,600). The car was gifted to him by FIAT, which manufactures the premium Ferrari cars and endorsed by Tendulkar, after the Indian batting legend equalled Don Bradman's tally of 29 Test centuries. Ferrari's Formula One driver Schumacher presented the car on behalf of the company to Tendulkar when the two met in 2002 at Silverstone, England. Tendulkar has taken a break from cricket after playing in IPL and is away on a vacation in England with family. http://timesofindia.indiatimes.com/sports/cricket/top-stories/Sachin-Tendulkar-sells-his-Ferrari-to-Surat-businessman/articleshow/8964225.cms Out b4 everyone gets after me for the title. But this is quite surprising. His Ferrari is a gifted one and perhaps one of the most famous cars ever in India and he sold it off. Would need to see his clarification of whether it was for charity or not. ktnxbye :vroam:
ViruRulez Posted June 23, 2011 Author Posted June 23, 2011 Please change the title if needed. I messed up the title while posting it quickly. If you want to keep the same title then please make it - sells off his gifted Ferrari in the later part of the title. :P
Sir_Afridi Posted June 23, 2011 Posted June 23, 2011 How ethical is to sell something that was given to you as a gift for profit?
Sachinism Posted June 23, 2011 Posted June 23, 2011 How ethical is to sell something that was given to you as a gift for profit? Shameful I'd be quite upset if someone sold a present I gifted them
zubinpepsi Posted June 23, 2011 Posted June 23, 2011 Shameful I'd be quite upset if someone sold a present I gifted them its not just that.. he asked the govt for tax exemption and the pathetic govt also exempted him from paying the tax.. and some business man owns this car now. shameful and disappointing..
urbestfriend Posted June 23, 2011 Posted June 23, 2011 Ferrari Gifted the car, Fiat India paid custom duty, Sachin made money :hmmm:
yoda Posted June 23, 2011 Posted June 23, 2011 It's his ***king car, geez! He can pee on it, sell it, do whatever. Yes, he tried avoiding paying duty like most of us would have. Who wants to keep giving money to the government, especially if you can find a way out? Big deal.
DomainK Posted June 23, 2011 Posted June 23, 2011 It's his ***king car, geez! He can pee on it, sell it, do whatever. Yes, he tried avoiding paying duty like most of us would have. Who wants to keep giving money to the government, especially if you can find a way out? Big deal. Yup. His property, he can sell it. Big deal!!
The Outsider Posted June 23, 2011 Posted June 23, 2011 Something is not right here - how can it be right according to the laws to get the import duty waived on the pretext of a gift and then sell off the commodity to make a profit? If there was no duty exemption granted, then, yeah he can do as he pleases but for the common taxpayer to take a hit so an individual can profit from it does not sound right.
Tiger80 Posted June 23, 2011 Posted June 23, 2011 Sachin's wife once said in interview that Sachin don't even allow her to touch ferrari .How could you sell such a thing ? It always look to me Sachin is quite greedy for money
yoda Posted June 23, 2011 Posted June 23, 2011 Something is not right here - how can it be right according to the laws to get the import duty waived on the pretext of a gift and then sell off the commodity to make a profit? If there was no duty exemption granted, then, yeah he can do as he pleases but for the common taxpayer to take a hit so an individual can profit from it does not sound right. Well they should make him pay taxes on gain, in this case if he said it cost him $0 to avoid paying taxes, he should pay tax on the whole amount.
punjabi_khota Posted June 23, 2011 Posted June 23, 2011 Something is not right here - how can it be right according to the laws to get the import duty waived on the pretext of a gift and then sell off the commodity to make a profit? If there was no duty exemption granted, then, yeah he can do as he pleases but for the common taxpayer to take a hit so an individual can profit from it does not sound right. Arre bhai the duty was not waived, FIAT paid the duty.
akshayxyz Posted June 23, 2011 Posted June 23, 2011 His property - whatever he wants to do. I hope he does pay capital gains tax, esp when he got the customs duty waived off.
cowboysfan Posted June 23, 2011 Posted June 23, 2011 maybe he couldnt drive it anymore in mumbai? he obviously cannot gift to it somebody else.
The Outsider Posted June 23, 2011 Posted June 23, 2011 Well they should make him pay taxes on gain' date=' in this case if he said it cost him $0 to avoid paying taxes, he should pay tax on the whole amount.[/quote'] Ideally, he should pay the entire import duty which was exempted when be brought the car into the country because the pretext used was that it was a gift, and now has been sold for profit. This is completely different from the income tax he would pay on the profit, which I think is what you are referring to in your post.
The Outsider Posted June 23, 2011 Posted June 23, 2011 Arre bhai the duty was not waived' date=' FIAT paid the duty.[/quote'] If that's the case then there is no issue, but the article in OP says : :dontknow:
coffee_rules Posted June 23, 2011 Posted June 23, 2011 May be he will pay back Fiat the principal and keep the profit. :giggle:
yoda Posted June 23, 2011 Posted June 23, 2011 Ideally' date=' he should pay the entire import duty which was exempted when be brought the car into the country because the pretext used was that it was a gift, and now has been sold for profit. [/quote'] So a gift cannot be sold unless it is redone as a non-gift? :dontknow:
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