Assalam u alaikum, Sir Section 37 (5) (d) mn capital assets 38 (5) ko ko exclude kiya gya hai capital gain se, jis mn Gold / Jewellery bhi shamil hai please comment
any movable property 7 [excluding capital assets specified in sub-section (5) of section 38] 38-5 (5) No loss shall be recognized under this Ordinance on the disposal of the following capital assets, namely:- (a) A painting, sculpture, drawing or other work of art; (b) jewellery; (c) a rare manuscript, folio or book; (d) a postage stamp or first day cover; (e) a coin or medallion; or (f) an antique. Word used exclude, means added in capital assets. in Finance act 2003
In k case me agr ye gain tax ki taxable slab SE Neechy reh kr her Saal gold ko sale krty rahy or JB Sara gold sold ho jae according to books to next year dobara se gold purchase ki entry kr dein aj k market rate pe to I think ye matter solve ho skta? What do u think?? @@faheempracticallearning
@@faheempracticallearningsir apny hi lecture me bataya k 4 lac gain tk koi tax nhi hai. 4 lac SE oper jae ga to tax pary ga according to slab. Agr ye Bhai 4 lac se Neechy reh kr her Saal sale krty rahy to phr to koi gain tax nhi pary ga.?? Ya slab rates change ho gaye hain is financial year mein?
Thanks, I believe you advised considering +ve rate change, please advise inase of -ve rate change. Also please advise what rate to be considered upon withdrawal.
Sor, gold 17 years pahly gift mila.. Ager first return men aj file karain aur aj ka rate likh den gy tu fbr question nahen kery ga kah aj ky rate py app ny 17 saal pahly kesay lay leya?
sir mein unemployed hun. meray father nay 2013 mein aik commercial property meray naam pr buy ki thy. jo aj bhi meray name pr hai. ab mein us property ko sale krna chahta hun. mein yesterday 1st time iris fbr pr register huwa hun aur mein nay 2021 aur 2022 ki nill tax return submit kr di hain issi month (Dec-2022). But mein nay apni wealth statement mein kuch bi add (property etc.) nai kiya. 1. Iss ki wja say koi problem tu nai hu ga property isi saal (January 2023) sale kertay waqt filer property tax mein ya income tax mein aur bank account mein paisay rakhwatay waqt ? 2. Kya mujay revised wealth statement fill krni chaiya (property add krnay kay liya) ?
@@faheempracticallearning agr mere pass suppose aj 7 Tolla gold hai or mei 2 ya 2.5 tolla sale karta hon jis ki value 4 lac tak hoti hai to kya phir b mujhe captain gain tax dena pare ga
If i declare service benefit plot at fair value,then where should i put this amount on wealth statement...Gift or others?? Coz actual money has not been paid for it.
i have surrender the insurance policy before maturity and the amount received is less then the amount of premium paid (already mentioned in assets section ) , what will be the entries in IRIS.
@@faheempracticallearning Non-resident: Due to going abroad sold all household items e.g. furniture, TVs, ACs, refrigerator, electric kitchen appliances everything during the year Total lump value of all were declared under 2 heads household items 17lac and personal items 10lac like, total 27 but now gain is near to
Asslamo alaikum sir, 2018 se gold marriage pe Mila uski value 0 likh di.. Kya ab 2023-24 ki return mein 2018 mein Jo gold ki value thi wo likh sakty Hain? Matlab 0 se value change ho jayegi? And 2nd question ye k us mein se 3 tola gold sale kr dia Lekin receipt ni hai. Us ka Kya kia ja sakta hai ab? Thanks
Dear agar gold 2007 ma liya hu like 20x30000= 6 lac And sold in 2023 20x230000= 46 lac Is pa koi tax apply hoga?? Mainay suna ha 5 years old gold pa capital gain tax ni lagta. Kindly answer please. Tax lagaga ya ni? Or kitna lagaga or gold ka tax alag caclualte hoga ya ni q k salary 12 lac yearly report ha tu tax salb change hoga.
AOA! Agr Gold ki Amount mention krty hain return m tu agr kl ko notice ajy os m wo puchy k evidence dy es ka tb hmary pas tu koi evidence nai ho ga………..?
Sir agar Meri company koi cheeze manufacture karti hai 6 cars bhi purchase karti for reselling aur isko sales aik particular year mein profit generate karti tu ye capital gain mein include hoga ye kisi aur head of income mein
Aoa, Dear Sir, I hv heard to report inherited property on zero value in balance sheet. Is it ok? Or v should mention inherited property on DC rate to save ourself from capital gain. Please reply.
i declared my inherited property as zero value pt-1 on my name for 10 years but registry is still on deceased name , am i out of holding period condition thus no tax when i sell , should i update my inherited value from zero to fbr value next year or not please guide
@@scorpian3366 you can only report in your return, when on your name, further when transfered, FBR calculate the sale and cost price, cost price is registery value.
@@faheempracticallearning so when i make registry on my name .i can declare it , my share at fbr rate according valuation table, so that means pt 1 form does not satisfy fbr as a owner ship proof even if your name is on that form for 10 years ,written their as well that property is in self possession
A.A sir keya koi person apni return main wife possession gold likh sakta hey? Aur agar likh sakta to wife possession gold ki value zero likhi jaey gi ya fair market value? Plz guide about it
Please make a video on income tax return for mutual funds account holder. Specially for one when profit shown in mutual fund account but no tax deducted as amount not redeem from account
excellent. very well explained. it really makes sense. your valuable input is required in following particular case. e.g. u mentioned value of one tola gold one lac in your previous return. In current year value of one tola gold becomes two lac. u did not sell the gold. u have to mention it in current year. where will u mention one lac increase in asset in income head? it is not your salary. It is not capital gain because u did not sell the gold. In which head we should mention it?? Reply
سر اگر ھم ویلتھ سٹیٹمنٹ میں Dowry شو کرتے ھیں 10 تولہ اور لکھ دیتے ھیں belong to wife since marriage تو اس پر gain کیسے بنتا ھے کیوں کہ یہ تو بیوی کی ملکیت ھے اکتر بیبیاں شوھروں سے پہلی رات ھی بخشوا لیتی ھیں اور اگر یہ 5 سال یا دس سال بعد شوھر کو دیتی ھیں کہ یہ فروخت کر کے اپنی ضرورت پورا کر لیں تو کیا اس پر بھی gain آۓ گا جبکہ بیوی نے دو دن بیچنے سے پہلے خاوند کو دیا ھو حوالے کیا ھو اور اشٹام بھی لکھ کر دیا ھو کہ میں آج خاوند کو اس کی ضرورت پوری کرنے کیلیے دے رھی ھوں کیا یہ ٹھیک ھے اور اس پر gain نہ ھو گا
السلام علیکم سر میں نے اس سال کی ریٹرن میں 2.5 تولہ گولڈ والدہ سے گفٹ منشن کروانا ہے تو ساتھ میں پرائس منشن کر دوں اس کی اپنی ٹیکس ریٹرن میں؟ اور دوسری بات یہ ہے کہ اگر اگلے سال میں اس کو فروخت کر دیتا ہوں تو اس پر جو مجھے پرافٹ ہوگا اس پر مجھے ٹیکس دینا ہوگا؟ میرا اصل مقصد اپنے پرسنل ایسٹس انکریز کرنا ہے
AoA Faheem sahib I want to know what is the treatment of Exchange Gain on Foreign Currency . in tax year 2022 $10000xRs. 205= 2,050,000 was reported in 2002 in Tax 2023 On 30th June 2023 $10,000* Rs. 287= Rs. 2,870,000 How to treat this foreign currency exchange rate in tax return for the year 2023 Appreciate your earlier response thanks
At the end of each year return, no need to report as per actual exchange, rate until it is realized, means convert into PKR, on additional profit or gain we need to pay capital gain tax as well, so at year end don't covert at actual rate, when sale report capital gain if any
Bhai sb your video is incomplete, probably due to your bad health. A lady has 200 gram inherited gold got at the time of her marriage. Out of it, 100 gram is given to her daughter in law as dowery/haq mehar at the time of her marriage. What about it? What is tax rate slab on gold? Pl answer.
السلام علیکم سر ذرا رہنمائی کر دیجئے گا اگر ہماری ریٹرن میں جو وائٹ منی پڑی ہوتی ہے اگر اس رقم کو بینک میں جمع کروا دے تو پھر بھی نوٹس ائے گامثلا پورے سال میں وائٹ منی میں سے چھوٹی چھوٹی رقم کرکے جمع کروا دیں تو وہ وائٹ منی کا حصہ ہوگی
Asalamualaikum jee, need an urgent response regarding Haq e Mahr Gold. I purchased this gold for my soon to be wife's haq e mahr during 2023-24 tax year (I still need to update my previous tax return). How should I record it? Also, isn't haq e mahr considered a gift? And should I record it at the price I purchased it or current market price? Really looking forward to your response.
![TAXATION OF JEWELLERY [GOLD, SILVER etc] IN PAKISTAN| HOW TO TREAT DOWRY GOLD? | RATE OF TAX ON GOLD](http://i.ytimg.com/vi/04e--UVOIAc/mqdefault.jpg)
Yours way of explanation is outstanding
👍
Assalam u alaikum,
Sir Section 37 (5) (d) mn capital assets 38 (5) ko ko exclude kiya gya hai capital gain se, jis mn Gold / Jewellery bhi shamil hai please comment
any movable property 7
[excluding capital assets specified in
sub-section (5) of section 38]
38-5
(5) No loss shall be recognized under this Ordinance on the disposal of
the following capital assets, namely:-
(a) A painting, sculpture, drawing or other work of art;
(b) jewellery;
(c) a rare manuscript, folio or book;
(d) a postage stamp or first day cover;
(e) a coin or medallion; or
(f) an antique.
Word used exclude, means added in capital assets. in Finance act 2003
if word used does not include thn it means not taxable
@@faheempracticallearning understand thanks
@faheem sir if someone has reported it at zero value at time of first two returns then how it should be corrected?
Now revision quite difficult, just keep this
In k case me agr ye gain tax ki taxable slab SE Neechy reh kr her Saal gold ko sale krty rahy or JB Sara gold sold ho jae according to books to next year dobara se gold purchase ki entry kr dein aj k market rate pe to I think ye matter solve ho skta? What do u think?? @@faheempracticallearning
@@anasqayyum8985 all gain taxable, no slab available in this case.
@@faheempracticallearningsir apny hi lecture me bataya k 4 lac gain tk koi tax nhi hai. 4 lac SE oper jae ga to tax pary ga according to slab. Agr ye Bhai 4 lac se Neechy reh kr her Saal sale krty rahy to phr to koi gain tax nhi pary ga.??
Ya slab rates change ho gaye hain is financial year mein?
Ab jis ny pehli bar 0 declare kr dya ,,wo kia kary,,ab usko change kr sakty he
Informative video Faeem Sb
👍
Agriculture me animal for business kesy declare kren or in pr tax rate kia h
Aoa please advise how to report fcy dollar account amount value in tax returns as value fluctuating.
Update the closing value, based on rate, available in state bank, and difference report in adjustment of inflow tax
Thanks, I believe you advised considering +ve rate change, please advise inase of -ve rate change.
Also please advise what rate to be considered upon withdrawal.
The moveable assets which are in personal use are not capital assets. So I think it is not capital assets if used by women herself
by nature, it is covered under capital, as per law as well
Sir agar 5 tola main se 1 ya 2 tola sale kare to use kaise zahir kare ge please guide
12 tola gold liya year 2007 ma 10 Lac ka ap return ma present gold ki value likh ya porana rate per gold liya wo likh
@@shahidmorning4947 old rate
Sor, gold 17 years pahly gift mila.. Ager first return men aj file karain aur aj ka rate likh den gy tu fbr question nahen kery ga kah aj ky rate py app ny 17 saal pahly kesay lay leya?
How to deal solar system in tax return
Two options, you can also report as expense, if value less, otherwise report as an other assets
Ager julery chori ho jati hai mger first entry k wqt tha ab nhi to kya kren gy ?
Report loss with evidence of FIR, if any we need to prove that, it happened
Does the holding period of Gold not matter for imhposition of tax
?
Yes, no holding period
Sir how to report gifted gold and dowry gold ?
sir mein unemployed hun. meray father nay 2013 mein aik commercial property meray naam pr buy ki thy. jo aj bhi meray name pr hai. ab mein us property ko sale krna chahta hun. mein yesterday 1st time iris fbr pr register huwa hun aur mein nay 2021 aur 2022 ki nill tax return submit kr di hain issi month (Dec-2022). But mein nay apni wealth statement mein kuch bi add (property etc.) nai kiya.
1. Iss ki wja say koi problem tu nai hu ga property isi saal (January 2023) sale kertay waqt filer property tax mein ya income tax mein aur bank account mein paisay rakhwatay waqt ?
2. Kya mujay revised wealth statement fill krni chaiya (property add krnay kay liya) ?
Revise both statements, you need to report all assets in your return
Can you guide me plz, 2 year old Wealth statements revise krnay k lye approval ki application deni parti hai?
Yes
@@faheempracticallearning Thanks alot sir for your reply
thank you sir i was doing it wrong but not shall repeat the same mistake
from now onward.
😔
AOA sir, her saal ki tax return mei gold ya propery ki price value ko increase karna hai ya jo 1st return mei likha tha wohi rehne dain ????
Not increase, eveytime sale, same reported in 1st return.
@@faheempracticallearning sir one more thing return mei property ki DC value likhi jaye ya market value
@@faheempracticallearning agr mere pass suppose aj 7 Tolla gold hai or mei 2 ya 2.5 tolla sale karta hon jis ki value 4 lac tak hoti hai to kya phir b mujhe captain gain tax dena pare ga
What is tax rate of gain of sale of gold? Kindly explain?
Big fan of you 😊
👍
If we report according to market value then how we can prove our source of income ?
If i declare service benefit plot at fair value,then where should i put this amount on wealth statement...Gift or others??
Coz actual money has not been paid for it.
i have surrender the insurance policy before maturity and the amount received is less then the amount of premium paid (already mentioned in assets section ) , what will be the entries in IRIS.
Aoa sir can we add a fair market value of gold later in the next return if declared on 0 value?
no
Q.1: Household and personal items ki sale per agr 6lac tak gain ho u? sold to relative + olx, no receipts.
Description of goods?
@@faheempracticallearning Non-resident: Due to going abroad sold all household items e.g. furniture, TVs, ACs, refrigerator, electric kitchen appliances everything during the year
Total lump value of all were declared under 2 heads household items 17lac and personal items 10lac like, total 27 but now gain is near to
Sir agr already 3 sal pehle hum gold ko zero value pe show kr chuke hain tu ab 100% sale value pe capital gain se kese bacha ja sakta hai?
Is inherited gold also taxable? Pl explain. Thanks.
Yes
Ager gold or kuch amount b febrary me chori ho gaya even us ki zakwat ada ho chuki thi ab nhi hai to tex phir b ?
Asslamo alaikum sir,
2018 se gold marriage pe Mila uski value 0 likh di..
Kya ab 2023-24 ki return mein 2018 mein Jo gold ki value thi wo likh sakty Hain? Matlab 0 se value change ho jayegi?
And 2nd question ye k us mein se 3 tola gold sale kr dia Lekin receipt ni hai. Us ka Kya kia ja sakta hai ab?
Thanks
no, one declared, not changed, subsequently
Dear agar gold 2007 ma liya hu like
20x30000= 6 lac
And sold in 2023
20x230000= 46 lac
Is pa koi tax apply hoga?? Mainay suna ha 5 years old gold pa capital gain tax ni lagta.
Kindly answer please.
Tax lagaga ya ni?
Or kitna lagaga or gold ka tax alag caclualte hoga ya ni q k salary 12 lac yearly report ha tu tax salb change hoga.
No time limit, applied
Sir agar 0 report kia howa hay pehli return sy he previous returns ma tu ab value add kr sakty hain ya nahe? Plz guide
No, we can't change
@@faheempracticallearning Jazzak Allah
Faheem sahb kindly guide me about inherited property and inherited gold.... hum normally eski value nill hi mention krty hain
Pls check, already explained in lecture watch all lecture, don't forward
Inheritance may gold ki invoices ka se arrange karey current value mention kernay baad annually gold value addition per Tax jamma kerwaty jain ?
What is the ruling of gold bars in tax return?
Report actual
AOA! Agr Gold ki Amount mention krty hain return m tu agr kl ko notice ajy os m wo puchy k evidence dy es ka tb hmary pas tu koi evidence nai ho ga………..?
1st we need to mention actual value, if we don't have then we can use fair market value, that buying price
Sir... thank you very much for such a useful information
👍
Is dowry gift taxable? If doner is not filer?
Sir agar Meri company koi cheeze manufacture karti hai 6 cars bhi purchase karti for reselling aur isko sales aik particular year mein profit generate karti tu ye capital gain mein include hoga ye kisi aur head of income mein
Aoa sir. How to declare inherited property in tax return. Thanks and Regards
w.salam pls watch lecture of property reporting in tax return
Sir reported zero of assets and also sold how can i revise my return of last 3 years
I have some gold inherited do i have to report it in my return and what value?
Check gold lecture
I have purchase gold thru forex broker, and still its in trading account and not sold yet , How to show in tax return
Report buying value
Aoa, Dear Sir, I hv heard to report inherited property on zero value in balance sheet. Is it ok? Or v should mention inherited property on DC rate to save ourself from capital gain. Please reply.
i declared my inherited property as zero value pt-1 on my name for 10 years but registry is still on deceased name , am i out of holding period condition thus no tax when i sell , should i update my inherited value from zero to fbr value next year or not please guide
Gain and loss period will be started from the date when transfer on your name,
@@faheempracticallearning so should i updated from zero value to fbr rate next year
@@scorpian3366 you can only report in your return, when on your name, further when transfered, FBR calculate the sale and cost price, cost price is registery value.
@@faheempracticallearning so when i make registry on my name .i can declare it , my share at fbr rate according valuation table, so that means pt 1 form does not satisfy fbr as a owner ship proof even if your name is on that form for 10 years ,written their as well that property is in self possession
@@scorpian3366 1st need to transfer on your name.
Gold which was reported in return is given to daughter as gift on her marriage. How it would be reported in return now. Please guide. Thanks
problem solve hoi aap ki?
Not so far, No body has responded yet.
Marriage gifts ,cash,gold etc par income tax lagu hoga,jis tarhan normal gift par tax hota hey
No
A.A sir keya koi person apni return main wife possession gold likh sakta hey?
Aur agar likh sakta to wife possession gold ki value zero likhi jaey gi ya fair market value?
Plz guide about it
Agr gold wife sy gift mila hou tou kya vo taxable ho ga?
YEs
Thanks for your video kindly explain how to report gold receive in dowry.
Please make a video on income tax return for mutual funds account holder.
Specially for one when profit shown in mutual fund account but no tax deducted as amount not redeem from account
Please also expalin on sale of animals with profit.
Yes sure
Please also explain gain on sale of vehicles
Exempt in case of personal assets
excellent. very well explained. it really makes sense. your valuable input is required in following particular case. e.g. u mentioned value of one tola gold one lac in your previous return. In current year value of one tola gold becomes two lac. u did not sell the gold. u have to mention it in current year. where will u mention one lac increase in asset in income head? it is not your salary. It is not capital gain because u did not sell the gold. In which head we should mention it??
Reply
Same question plz reply
If falls in personal assets..
Your great I learn alot
Great video sir
👍
Thankyou for information . please let me know where to enter extra income earned by part time job other than salary.
Those who didnt write price of gold what should they do now ....Because more then 85% dont know or dont have exact info .
Just follow that, now no change, manage in the year of sale
@faheempracticallearning How .... ? If we gift it to our kids & mention the current price it's possible ?
Contact me. I will guide you
@@tariqhassan387 in tax return, price one mentioned never changed, unless, you can revise the tax return
@@faheempracticallearning May Nay Abi Tax Return Revised Ker Ni Hai Kia Ager Abi Gold Ki Price Mention Ker Di To Tax Pay Ker Na Peray Ga ?
Great sir
👍
Thank you 😊
👍
How can I get course from you?
Click on below WhatsApp link for further details of Practical Taxation Course
wa.me/message/5BNUTBJFAPHUN1
@@faheempracticallearning already contacted on that number but not yet replied.
@@accountingdean share again, so many msg
Gold per 2.5 % zakat hey, phir tax kis baat ka?
FBR can charged
ریٹائرمنٹ پر 6 ماہ کی Leave in cashment ملتی ہے کیا وہ taxable ہے
nhi
AS Salamu aikum sir ,
how to show foreign currency account in annual returns,
Same like bank account
@@faheempracticallearning how to Show its Appreciations e,g last year 50 000 usd equal to 11 million and this year 14.1 million ,
سر اگر ھم ویلتھ سٹیٹمنٹ میں Dowry شو کرتے ھیں 10 تولہ اور لکھ دیتے ھیں belong to wife since marriage تو اس پر gain کیسے بنتا ھے کیوں کہ یہ تو بیوی کی ملکیت ھے اکتر بیبیاں شوھروں سے پہلی رات ھی بخشوا لیتی ھیں اور اگر یہ 5 سال یا دس سال بعد شوھر کو دیتی ھیں کہ یہ فروخت کر کے اپنی ضرورت پورا کر لیں تو کیا اس پر بھی gain آۓ گا جبکہ بیوی نے دو دن بیچنے سے پہلے خاوند کو دیا ھو حوالے کیا ھو اور اشٹام بھی لکھ کر دیا ھو کہ میں آج خاوند کو اس کی ضرورت پوری کرنے کیلیے دے رھی ھوں کیا یہ ٹھیک ھے اور اس پر gain نہ ھو گا
Nice lecture
Jazak Allah
Will and how value of Inherited gold be entered in tax return?
At 30th June gold rate
السلام علیکم سر میں نے اس سال کی ریٹرن میں 2.5 تولہ گولڈ والدہ سے گفٹ منشن کروانا ہے تو ساتھ میں پرائس منشن کر دوں اس کی اپنی ٹیکس ریٹرن میں؟ اور دوسری بات یہ ہے کہ اگر اگلے سال میں اس کو فروخت کر دیتا ہوں تو اس پر جو مجھے پرافٹ ہوگا اس پر مجھے ٹیکس دینا ہوگا؟ میرا اصل مقصد اپنے پرسنل ایسٹس انکریز کرنا ہے
GIFT ME apse sawal pocha jae ga. Esi lye inheritance me likha jae to behtr ha Also rate ajka likh len.
Kia inheritance zindgi mai bi banti hai...according Islamic it is after end of life
Am I right or wrong?
Sir
Is there any obligation on Husband to Show his wife's Gold in his return in case wife is non filler.
We can report, if actually available
@@faheempracticallearning Can you explain any plus point or drawback of reporting?
@@saifrashid6713 for this you can report
AoA Faheem sahib
I want to know what is the treatment of Exchange Gain on Foreign Currency .
in tax year 2022
$10000xRs. 205= 2,050,000 was reported in 2002
in Tax 2023
On 30th June 2023
$10,000* Rs. 287= Rs. 2,870,000
How to treat this foreign currency exchange rate in tax return for the year 2023
Appreciate your earlier response
thanks
At the end of each year return, no need to report as per actual exchange, rate until it is realized, means convert into PKR, on additional profit or gain we need to pay capital gain tax as well, so at year end don't covert at actual rate, when sale report capital gain if any
Bhai sb your video is incomplete, probably due to your bad health. A lady has 200 gram inherited gold got at the time of her marriage. Out of it, 100 gram is given to her daughter in law as dowery/haq mehar at the time of her marriage.
What about it? What is tax rate slab on gold? Pl answer.
All taxable, already explained in lecture, pls watch complete and don't forward
السلام علیکم سر ذرا رہنمائی کر دیجئے گا اگر ہماری ریٹرن میں جو وائٹ منی پڑی ہوتی ہے اگر اس رقم کو بینک میں جمع کروا دے تو پھر بھی نوٹس ائے گامثلا پورے سال میں وائٹ منی میں سے چھوٹی چھوٹی رقم کرکے جمع کروا دیں تو وہ وائٹ منی کا حصہ ہوگی
Asalamualaikum jee, need an urgent response regarding Haq e Mahr Gold.
I purchased this gold for my soon to be wife's haq e mahr during 2023-24 tax year (I still need to update my previous tax return). How should I record it? Also, isn't haq e mahr considered a gift? And should I record it at the price I purchased it or current market price? Really looking forward to your response.