- dated 29 march 9.52 pm somnath
As per bains pdf the Indian tax laws are not charity friendly. So I am not sure whether to believe this or not.
Most philanthrophic/charity donations in India too are tax-friendly...At an infinitesimaly small level, I have received tax breaks for all my donations to CRY, and I know for a fact that Azim Premji's foundation is a tax-exempt entity..the "religious" aspect touches India as well - the well-known cases, Birla especially, deploy a large part of their corpuses towards the various Birla Mandirs across the country..
Excerpts from the Bains report posted.
2) Donors who provide material goods receive no tax benefits.
3) The current tax deduction structure does not encourage donations. Current tax laws allow deductions of either 50 percent of the amount given or 10 percent of taxable income, whichever is lower. However, there are exceptions where 100 percent deductions are available; for example, contributions to relief funds established by the central and state governments.
Indians have had philanthropists - saying that it has not been practised is not true.
What Buffet is doing, and he is doing it across the world, including in the US, is very important..He is asking successful industrialists to give up bulk of their wealth (the paper worth) for a larger cause...This has hardly been practised in India - barring the Tatas and Azim Premji, no industrialist has parked away a sigificant part of their wealth for charity...that is one..
Two, it is also about the structure..The Bill Gates foundation is sponsoring work in areas that are right at the cutting edge - for example, on research to eradicate malaria...There are lessons that can be drawn there as well...
Yes it is laudable so also Indians have done- see the list-http://forums.bharat-rakshak.com/viewtopic.php?p=1057338#p1057338 dated 29 march 10.24 am and viewtopic.php?p=1057349#p1057349
dated 29 march 10.33 am by ravi_ku
By Arjun, dated 29 march 10.46 am
True, but my point is also that when one says only 0.6% of GDP goes towards charity, I am pretty sure this does not count the massive amounts deposited into hundis of temples across India (as also that of other religions) every year.
dated 29 march 12.39 am ravi_ku
according to bains pdf- 65% of donations come from govt. how much of it comes indirectly from common Indians??
The management of all major hindu religious trusts are taken over by the govt. Are the TTD funds from individuals/institutions? Who controls the money? The govt. Who does it come from? The general public but in records it will go as going from govt.
The needs of a growing country and a developed country are different.
Many of the trust in US are set up for tax benefits. and because there is an estate tax.
You are comparing apples to oranges. Just because some western guy tries to patronise, we dont need to fall for it.
spot on as per bains pdfviewtopic.php?p=1056986#p1056986
dated 29 march 12.43 am ravi_ku
even in america there are lot of family controlled firms/business like India.viewtopic.php?p=1056996#p1056996
any of the trusts are for that exquisite purpose. Some do gooders will give the money to charity but make sure the control must remain with them and their children.
dated 29 march 12.55 am. ravi_kuImportant distinction between Indians and non Indians. sadly we fall for the american one. similarly with founders of tatas birlas and bajajs who did their work silently with no media blitz. it is more in tune with Indian culture as mentioned in the article.viewtopic.php?p=1057002#p1057002
dated 29 march 1.03 am somnath
the difference between (say) a Jamnalal Sons trust and a Bill Gates Foundation would be on objective, legacy and access to cash flows.
..Indian charitable organistaions have problems as mentioned in bains pdf report. Legacy- gates does not have one as yet. no point on commenting at present. viewtopic.php?p=1057013#p1057013
dated 29 march 1.11 am somnath
we already have tatas and azim premji doing for India as per your own admission in posts.yeah cash is less obviously compared to buffet.
What chance do I have? Warren Buffet is doin that job
Ambani is still young. He has a long way to go. Buffet is in 70s. he mentioned about charity after he had enough. Buffet might not have done charity when he is of ambani age. so wait for Ambani till he has had his work. This is unfair comparison.Also India now is creating more wealth, will take more time to mature.viewtopic.php?p=1057070#p1057070
About the so-called ambani uni - is that philanthrophy or another business stream? What are the fees charged? What is the endowment created?
dated 29 march 2.27 am arjun.
spot on per bains pdf posted by somnath.India will do likely better than america.viewtopic.php?p=1057176#p1057176
But does not make sense to force the pace on any such standards in India - India will create its own examples eventually over the next 50 - 75 years.
dated march 29 5.48 am amit
spot on as per bains pdf- problems related to charity in India.viewtopic.php?p=1057198#p1057198
I agree with Arjun on this point. You can't compare US standards with those of India.
Think of it this way. After how many generations of affluence, the type of which the world has probably never seen (in terms of breadth of affluence) before, has this philanthropy habit come in? Contrast that with Mukesh Bhai. It's useful to remember that Mukesh (and his brother) were born in a one-room chawl in Mumbai when Ambani senior was just starting out.
Indians are only now coming out of abject poverty that the country was plunged into for about 1000 years. And Mukesh Ambani's generation is probably the first after a millennium which has seen a horizontal growth of prosperity across different sections of society. You'll need some more generations to go through that experience before you can expect the type of philanthropy shown by a Gates or Buffet, IMO.
dated 29 march 7.06 am somnath
The realisation comes at different ages- for buffet it comes at around 70 years of age. for others it is at early age - some Indians had it early. all are laudable only. no need to put down Indian achievements also. Indians do not have the scale of money as buffet or gates. Philanthropy is inner calling and should be without strings. If they are on evangelisation mission it is not philanthropy. it becomes a sort of business type. viewtopic.php?p=1057363#p1057363
Philanthrophy cannot be "forced", it is a question of inner calling...But the template setup by the likes of Gates and Buffet (and even before, by the Rockefellers and Oppenheimers) is great..And if they are on an evangelisation mission to India on this, more power to them! There isnt a need to denigrate that effort (or indeed the individuals) or invent "glories" in India on that topic...
dated 29 march 10.57 am shyam
Interesting I did not know this.
Shankara Netralaya performs an eye surgery for $30. If we give money to professional charities, it would cost $300 in India and may be $10000 in Massa.
Just a collection of statements made by various brfites and related it to bains pdf as somnath beieves it.
It is just an attempt from my side.