Treatment Of Gift In Income Tax In Pakistan | Gift Conditions in Income Tax | Errors in dec. of Gift
Вставка
- Опубліковано 6 жов 2024
- Gift Conditions | Received Through Crossed Cheque / Bank Transfer | Gift Deed signed between the Parties | Both the Receiver & Sender has declared in their Tax Returns | Otherwise will be taxed & Included In ‘Income from other sources’
The FBR will consider provision of gift from closed blood relations if received through cross cheque or banking channel otherwise it will be added in income chargeable to tax.
The FBR has also empowered Commissioners to freeze any domestic assets of a person involved in offshore tax evasion. About taxation on gift, under Section 39 of Income Tax Ordinance 2001 the FBR on Tuesday explained that if cash gift is received from relatives including grandparents, parents, spouse, brother, sister, son or a daughter but the same has not been received through cross-cheque or banking channel, the amount of gift will still be added in income chargeable to tax under the head “Income from other sources.”
The Income Tax circular states that data analysis of Income Tax Returns filed in previous years shows that huge amount of non-recurring receipts from unrelated persons are transferred in the garb of gifts to avoid incidence of taxation.
In order to discourage this practice of undisclosed receipts, section 39 has been amended through the Finance Act, 2019 to include any amount or fair market value of any property received without consideration or received as a gift in income under the head “Income from other sources.”
However, gift received from grandparents, parents, spouse, brother, sister, son or a daughter shall not be included in such income. The new provision is subject to sub-section (3) of section 39 which states that an amount received by a person otherwise than by a cross-cheque drawn on a bank or through a banking channel from a person holding a National Tax Number shall be treated as income chargeable to tax under the head “Income from other sources”.
This means that gift received by a person is chargeable to tax if gift is not received from grandparents, parents, spouse, brother, sister, son or a daughter of the recipient.However, even if cash gift is received from the relations mentioned above but the same has not been received through cross-cheque or banking channel, as the case may be, the amount of gift will still be added in income chargeable to tax under the head “Income from other sources,”.
#TaxationOfGiftsInPakistan #FBR #Pakistan #TaxExperts #TopTaxConsultantsInRawalpindiPakistan #TopTaxLawyersInPakistan #TaxOnCashGiftInPakistan #TreatmentOfGiftInIncomeTaxInPakistan
#FBR, #FBRTaxOnGift, #TaxationofCashGiftsInPakistan, #TaxationOfGiftsInPakistan, #TaxCard2020, #TaxOnGiftPropertyInPakistan, #TopCharteredAccountantsInPakistan, #TopTaxConsultantsInRawalpindiPakistanNearMe, #TopTaxExpertsInPakistan, #TopTaxLawyersInPakistan, #TreatmentOfGiftInIncomeTaxInPakistan
![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)
![TAXATION OF JEWELLERY [GOLD, SILVER etc] IN PAKISTAN| HOW TO TREAT DOWRY GOLD? | RATE OF TAX ON GOLD](/img/tr.png)
Sir your video is always to the point and very informative !🙌
Keep up the good work
Very Comprehensive Coverage of stipulations relating to gifts.
Thank You So Much for the Complement... Means alot
I would like to appreciate the precise and fully informative video. If the person who gives gift and the one who receives are filer and have mentioned amount of gift in inflow and outflow respectively, then there is a query that is it necessary that One must receive the same amount in bank via transaction as well?
yes its baisic req of sec 39
Very informative Sir 🎉
Thanks.
@@taxationistcorporateconsultantSir kindly guide kr dein k immoveable property(plot) as a gift declare kia tha 2020 tax year ma
As plot was made transfered from elder brother
Didn't got any email or notice but want to know that how to make deed for gift and also donor is not registered with FBR or without NTN
Informative video
Thanks.
A good topic with very well explanation... TY sir
Welcome.
Good work sir 👍
Great 👍
Thank you! Cheers!
Thank you sir for the detailed information, can you please make one video for Layer/Broiler forming, Animal Feed, and Breeder farming.
Will try
Please clarify other in wealth statement inflow and outflow.
Great
Thanks.
Assalam Allaikum sir. Very informative. Thanks.
1 que.. Should the Gift DEED be uploaded to Attachments?
KINDLY REPLY
First you video for gift good and my question is gift transfer to son other country what is the declareation In return.
Same as for within county
Thank you Sir
Thanks 😊
If I want to gift a plot or a house to my wife do I need to pay taxes on this
Nice video.
In case of immovable property,Can recipient side declare gift as zero value in wealth as well as in reconciliation.? Because it cost nothing to the recipient. Though donor declares in his return this gift as per cost.
On same cost as per donar
Sir for tax yr 2017, in case of gift property, deed+ both giver n taker kay returns ma show krna lazmi ha gift thanks
Gift of plot to son , also requirement donor is ntn holder
Ma sha Allah sir
سر میں فائلر ہوں بینک پرافٹ پر گزارہ ہے میں نے نان فائلر بہن سے 3لکھ بطور گفٹ لئے بزریعہ چیک کیا ان 3 لاکھ پر ٹیکس لگے گا یہ چھ لاکھ سے تو کم ہیں اور کوئ زریعہ آمدن نہیں.
اگر میں بہن کو 3لاکھ دوں تو کیا ہوگا؟
sir kindly guide me 236k apllicable or not when property transfered in the shape of gift....any sro for confiramtion on the applicablity of 236k
Sir very informative vedio 🎉. Sir aap ko gruop main join karnay k liay request beji hui laikin aap WhatsApp group mai shamil hi nahi kartay. sirf keh detay hain k group join karain. This is not fair.😢
You are right brother, apologies in this regard. plz message again. IA.
If gift giver ad been declaring immovable property at historical cost, what value should the gift receiver declare it at? Current market value or historical cost? Capital Gains Tax will be higher if historical cost is declared.
Assalam o Alaikum
What is the status of gift received from the Employer?
Is it exempted from Tax?
thanks for the informative vid... i have question regarding gift...
purchased plots in son name
cash transfer to son 5m
remaining amount paid directly by parent
1. is this a gift?
2. gift deed current date m banva saktey heyn? coz gift deed ka rule nahi pata thaa
declared on both parent and son tax returns
plz respond.. thanks
Dear Khurram, Thanks for a brilliant explanation. Just want your openion doner and donee both are filers and husband wife in relationships and gold is gifted. In the tax year doner gifted and donee received and proper disclosure in tax and wealth statement. Since its not a cash gift and a gift related to movable property and there is no banking channel involved will the gold be treated as Income from other sources and be taxable?
Same query
Assalamo Alekum, sir 2022 December mein mery father NY 1 plot mery name kia tha, jis ki gift deed mery pas hai aur mein filer hon, but mery father ka ntn. Nhi bana hoa tha ,but unhon NY mery name plot kardia aur gift deed bhi sign kardi thi, is k 3 maheny bad march 2023 mein mery father ka intiqal ho gaya.
Mery pas sirf gift deed hai , is per kia mamla hoga , kia FBR is ko gift consider kary ga??
Pls guide me
@taxationcorporateconsultant Sir kindly guide kr dein k immoveable property(plot) as a gift declare kia tha 2020 tax year ma
As plot was made transfered from elder brother
Didn't got any email or notice but want to know that how to make deed for gift and also donor is not registered with FBR or without NTN
Marriage par milna walay cash gift(salami) par income tax apply hota hey, jis tarhan normal cash gift par hota hey,degar marriage gifts ka bi batain
Sir kindly guide kr dein k immoveable property(plot) as a gift declare kia tha 2020 tax year ma
As plot was made transfered from elder brother
Didn't got any email or notice but want to know that how to make deed for gift and also donor is not registered with FBR or without NTN
Good video Sir. Sir Relative se paisy lena dena, as audhar per, ye kese enter karein return main?
Loan.
@@taxationistcorporateconsultant sir where to enter in Iris, when I receive the udhar money from my relatives,
Can we receive cash as inheritance?
good information. Please let me know what type of amount could be entered in column Others 7048.
Good luck
Termination benefit me PF and gratuity ki amount ka kese treatment krna he ?
How much charges on property transfer to heirs if owner (father) is died?
Sir cash ager bhai say as a gift through banking channel ly to kia koi gift deed b bnani hogi
Behtar hy agr bna lain..
Doner makes gift through cheque but doesn't declare in wealth reconciliation because he did declare Said Bank account. Effects on doner and donee.what extent
Gold ki kesy seed kary,,,, ager parents say shadi par gold gift milta he to kesy treat kary,,,,or iski value kia likhyyy
Mortgage property. Where declare in wealth statement. Either bank loan amount can be declare in other receives . remaining bank loan incld interest will be declare as liability .plz guide me
Assalamualikum
Sir I need your guidance about a problem...
My father had gifted me a two storey building in 2019 which I declared in my fbr return in year 2020 with value zero. Now should I keep that entry same or I can declare that property with actual market value as per registry 77 lacs?
What's about immovable gifts?
Salam. If co-operative housing society appt already transferred 2 years back and parent not ntn filer, then what can be done now? The property has not been declared by son yet in FBR but wants to declare.
Sir, agr kisi friend ko gift bhejna chahay? kya bhej sakta hai please rehnumai farmaey ?
sir; the work Gift in the return of GIFT GIVER
; should be disclosed
AOA, Kia gift denay walay aur lenay walay dono Kay liay filer Hona zaroori hey ya sirf denay walay ko filer Hona kafi hey
Dear Sir,
Can we file 50% of available amount as gift in wealth of both, in case of joint account holder. Wherein both are filer
What happens if I have NTN and gift my property to my son who is not in pakistan and don't have NTN number
Please advise
Father ne ek house buy kia 2018 me , bete ko gift kia 2024 me. Agar beta 2025 me sale kare to Calital gain ke hisab se holding period 1 year count hyga ya 7 years? Kion ke house same family holding me he ? Please guid any one .
gift in gold ko kaisy handle kr gy ?
What about cash gift from relative
Shadi par jo gold jewelry larki sath lati he us ko kesy deal kary gy
Agr parent koi national saving certificate aap k name purchase kr k gift kry to usko kesy reconcile kry wealth statement may
Gift deed bna lain..
Agr gift lenay aur denay wala dono fbr se register na hon then ????
Sir hamdard university ki taraf se meri bati ko 50000 scholarship ke mile han jo mare account ma transfer hue han . usko konse head mein declare karengey?
Sir what's procedure follows in filing return 2022 if a person get a house from his father (not gift, its inheritance property).
Inheritance me treat Karen ge
In Gift to son whether WHT U/S 236C & 236K is applicable wef July 01, 2024 ?
Aoa sir gift item immoveable property pr koi tax ho ga ke nai
Aslaam wa Alaikum Sir agar koi mother apnay son ko and sister apnay brother ko apni inherited property gift krein or mother and sisters non filer ho JB k receiver filer ho or gift mein milnay wali property mein khud bhi inherited co sharer ho Yani jis wrasat mein wo property mother ko apnay husband and sisters ko apnay father ki wrasat mein Mili usi wrasat mein receiver ko apnay Walid say wrasat mein Mili to Kya aisa gift valid hai? Ya mother and sisters ka filer hona must hai Kyu k mother and sisters house wife's hain or un ka koi personal source of income nahi hai isi liay wo non filer hain.
I received an amount in tax year 2017 , being sale proceeds of a plot in my mothers name. The amount was in the form of Bankers cheque which was deposited in my bank account. The amount was righty declared in my wealth statement yr 2017 as Gift. The Fbr has sent notice and assessment under section 122 (1) in the current tax year 2023 and has sent notice to pay tax under sec 137(2). I have all the documentation pertaining to the piece of land ,Family registration certificate (Nadra). However , my mother being a pensioner ,of old age and a widow has never been a tax filer although she holds a valid CNIC. Please Advise.
present all the available documents to the officer along with gift deed.
same. but the amount is directly deposited in my account by the purchaser of plot. what u suggest
what is outcome
Agar ma gratuity from government organisation ko as a gift show karo to ma gift deed kasay banwao gey
inheritance money pe tax tu nahi hota?
جہیز میں جیولری کی کیا ٹریٹمنٹ ہوگی
Aoa.. sir Is there any max amount cap that can be given as gift?
Ni Sir no such limits
What if i receive a cash gift bt havent met the conditions of banking channel & ntn requirement.
Will this still be considered my gift & white money if i pay taxes on it by inserting the value in invome from other sources.
Thanks
sir tax consultant account kasy create ho ga when I can file return our clients and check through our FBR account
Thanks bro very informative video. I purchased a plot file in my wife's name we both are registered with fbr. Now the question is, I did payment from my account as cash to the dealer and get the receiving at his letter head pad. now is it ok or I need any further documentation?
My question is the same
What about gift to wife who is not a filer.
Last year I have put "0" against the inheritance property. Should I add the market value now or keep it "0". Because when I am putting MV, then there is a huge difference between last year and current year Assets. Will this be an issue?
You must show market value. Then, show the same in inflows (other)
IF WE HAVE PREVIOUSLY MENTIONED A PLOT IN THE WEALTH STATEMENT VALUED AT 00000 PRICE AND THEN WE CONSTRUCTED A HOUSE ON IT THROUGH SAVINGS OR FOREIGN REMITTANCE
HOW WE CAN UPDTE IN THE WEALTH STATEMENT OF NEXT FINANCIAL YEAR >
OPTION 1 : SHOULD WE DELETE THE PLOT AND ADD A HOUSE WITH 11111 PRICE
oPTION 2: WE JUST CHANGE THE VALUE OF PLOT TO 111111
pLZ GUIDE:
جو پیسے کسی کی مدد کرنے کے لیے رشتے دار بینک میں ٹرانسفر کرتے ہیں اس کا شمار کس کھاتے میں ہوگا؟ مجھے میرے عزیز لوگوں کی مدد کے لیے اندرون اور بیرون سے فنڈ ٹرانسفر کرتے ہیں
If donor is already taxpayer while donee was not taxpayer at that time but having bank account, and become taxpayer afterwards in the same tax year then it is acceptable by fbr. Amount was transfered by banking channel and also created deed.
Regards
Incase gift to son but son not resident he is settled in UK and gift send to through Remittance not NTN son
کیش گفٹ پر ٹیکس لاگو ہوتا ہے؟
Yes.
جس شخص سے قرضہ لیا جائے کیا اسکا Ntn اور فائلر ھونا لازمی ھے ؟
قرض دار کو قرضے پہ ٹیکس دینا ہوتا ہے؟
Is tax is applied on gift from my parents
Ni, if properly transferred.
Can father in law gift son in law
Musharraf ka tax ordinance to much complicated
میں اپنی بیتی کو نقد رقم گفٹ کرنا چاہتا ہون. میں زیادہ سے زیادہ کتنی رقم گفٹ کر سکتا ہوں. میں اور میری بیٹی دونوں فائلر ہیں. اس صورت میں مجھے کتنا تیکس دینا ہوگا.
Khurram Sb..... Assalam o allykum........ What if donor is not resident???? Will it still be considered as other income?
Ya pir exempt from tax hai
Aoa sir...
Any case law of higher authorities if banking channel is not used for cash gift?
The other condition of ntn is fulfilled though.
In favor of tax payer😋
😜
Can cash amount be received from parents as gift... Through banking channels... Will it be a valid gift.... If father is not NTN holder...
FOR giver of the gift only NTN is required or he should file his return and show gift in outflow...
NTN is necessary for gift giver..
Will uncle qualify as relative as per section 85(5)?
7:08
ᴘʀᴏᴍᴏsᴍ 🌈