Narayana Murthy gifts Rs 240cr worth of Infosys shares to his 4-month-old grandson.

The article from Moneycontrol discusses the taxation of gifts in India, particularly in light of Infosys Founder NR Narayana Murthy’s gift of shares to his grandson. Here are the key points:

• Taxable Gifts: Gifts in the form of money, movable property, or immovable property received from non-relatives that exceed Rs 50,000 in value are taxable.
• Exemptions: Gifts from relatives, on the occasion of marriage, or received under a will/inheritance are not taxed.
• Tax Responsibility: If the gift is to a minor, the parent/legal guardian is responsible for the tax.
• Specifics: The article details how different types of gifts are taxed and the conditions under which they are exempt.

For a complete understanding, it’s recommended to read the full article on the Moneycontrol website.

Here Are some interesting facts about Narayan Murthy

Nagavara Ramarao Narayana Murthy, the visionary founder of Infosys, is a remarkable figure in the world of information technology. Let’s delve into some intriguing facts about this influential leader:

1. Educational Journey: Born in Karnataka, India, on August 20, 1946, Murthy studied electrical engineering at the University of Mysore. His early love for technology laid the foundation for his groundbreaking co-founding of Infosys and subsequent transformation of the global IT sector¹.
2. Infosys Genesis: In 1981, Narayana Murthy co-founded Infosys with just $250 in capital. This modest beginning marked the birth of a breakthrough enterprise that would redefine the IT landscape. The founders’ combined experience and Murthy’s vision propelled Infosys into a major global IT company¹².
3. CEO of Infosys: Under his leadership as Infosys CEO, the company soared to incredible heights, solidifying its position among India’s top IT firms. Infosys witnessed unprecedented expansion, becoming a significant player in the global technology market¹.

   

4. Social Responsibility: Beyond economic expertise, Narayana Murthy is renowned for his philanthropy and commitment to social causes. His contributions span healthcare, education, and poverty reduction, emphasizing the importance of morality and principles in achieving success¹.
5. Jailed in Bulgaria: In 1974, Murthy was jailed for 72 hours in Bulgaria for speaking against the then communist government. His courage and conviction left a lasting impact³.
6. Humble Billionaire: Despite his immense success, Narayana Murthy remains a humble billionaire, grounded in his values and principles³.
7. Family Ties: His wife, Sudha Murthy, is an Indian author and the chairperson of the Infosys Foundation. Their partnership extends beyond personal life to philanthropic endeavors².
8. Honors and Recognition: Murthy’s contributions have earned him numerous accolades, cementing his legacy as a visionary and trailblazer in the tech industry¹.

Narayana Murthy’s journey exemplifies the transformative power of intelligence, tenacity, and social responsibility. 🌟👏