Yes, specially if Capital gain is realized. If Not realized, its your call to report principle figures or with Gains. Please seek some tax consultant for better understanding, if needed.
Assalamualaikum, Dear Sir, is there any time limit for capital tax exemption on Mutual funds. Like in stock share, the time limit is 6 years. After six years of holding a shares, the Capital gain tax is 0%.
Kindly advise how to report NIT UNITS investment amount in wealth statement. At Cost value or surrender value of 30th June of year. After giving dividends remaining amount reinvested every year.
Both values can be used... Either the cost value or current investment value. make sure, every year same value shall be reported. In case of Cost value, the gain on disposal should be recorded if any amount is withdrawn.
@@ghulamkhawaja596 Dear, Currently our presence is in Karachi. Moreover, we are not Tax Consultants. You may refer your queries to Tax professional for better guidance.
There is a calculation provided by NCCPL after adjusting previous year losses and Tax consultant accordingly reports them. Better if the same be consulted through Tax professionals.
The CGT Refund is a part of portfolio and does not need to be reported in filing separately. NCCPL's certificate contains the adjusted Gain/ Loss which has to be reported.
The Interest Rates are being set by the Regulator to CHARGE or PAY BACK in case of loan borrowing and Consumer financing either on corporate level or at individual. The major source of earning on Islamic investments are mainly based on consumer financing led by the banks and therefore, the decrease in financing percentages leads to reduced or changed profits rates of Islamic products. The above is the simplest understanding to clarify thoughts. Hope to have your understanding on the matter.
@@invisorspk could you further explain it in more simple words. I just want to know what is the relationship between interest rate and Islamic investments.Kindly answer to my question your answer will be beneficial for me. Thanks
@@MuhammadFarooq-qk8cb there isnt any direct relationship between the both. Since there isnt any methodology to calculate separately, the Interest Rates are used as benchmarking for islamic financing/ investment products to determine the ongoing market conditions.
Informative
Are we supposed to mention the Capital Gain on Securities in the Capital Gain head of income (Code 4000) as well?
Yes, specially if Capital gain is realized. If Not realized, its your call to report principle figures or with Gains. Please seek some tax consultant for better understanding, if needed.
Assalamualaikum, Dear Sir, is there any time limit for capital tax exemption on Mutual funds. Like in stock share, the time limit is 6 years. After six years of holding a shares, the Capital gain tax is 0%.
It was 4 years before but not in practice due to mandatory Annual Dividend in mutual funds. The Dividend and taxation adjust the exemption period.
Kindly advise how to report NIT UNITS investment amount in wealth statement. At Cost value or surrender value of 30th June of year. After giving dividends remaining amount reinvested every year.
Both values can be used... Either the cost value or current investment value. make sure, every year same value shall be reported. In case of Cost value, the gain on disposal should be recorded if any amount is withdrawn.
If you live in Lahore than I want to meet you for 2 income tax queries in income tax return.
@@ghulamkhawaja596 Dear, Currently our presence is in Karachi. Moreover, we are not Tax Consultants. You may refer your queries to Tax professional for better guidance.
Thanks.
Thanks
What about losses ? Lets say if we have loss from last year and then this year there is profit, how to report that ?
There is a calculation provided by NCCPL after adjusting previous year losses and Tax consultant accordingly reports them. Better if the same be consulted through Tax professionals.
I have RECEIVED CGT REFUND from mutual fund. How will this refund entered in income tax return?
The CGT Refund is a part of portfolio and does not need to be reported in filing separately. NCCPL's certificate contains the adjusted Gain/ Loss which has to be reported.
Why Islamic funds return changes when there is change in interest rate? Kindly answer
The Interest Rates are being set by the Regulator to CHARGE or PAY BACK in case of loan borrowing and Consumer financing either on corporate level or at individual. The major source of earning on Islamic investments are mainly based on consumer financing led by the banks and therefore, the decrease in financing percentages leads to reduced or changed profits rates of Islamic products.
The above is the simplest understanding to clarify thoughts. Hope to have your understanding on the matter.
@@invisorspk could you further explain it in more simple words. I just want to know what is the relationship between interest rate and Islamic investments.Kindly answer to my question your answer will be beneficial for me.
Thanks
@@MuhammadFarooq-qk8cb there isnt any direct relationship between the both. Since there isnt any methodology to calculate separately, the Interest Rates are used as benchmarking for islamic financing/ investment products to determine the ongoing market conditions.