Kindly advise if any spouse husband or wife gives cash amount/gift to anyone for household expense contribution, how to mention in income tax return by both persons?
Question Sir, If husband and wife or Father and Daughter have a joint account and as per the benefit given to the joint account by F B R either of them can become a filer Both of them don't need to be filers so from any other investment or cash wife ( who is not filer ) can give the gift to husband ( who is filer ) from her investment or if wife cashed up her investment in a same joint bank account and give a gift to her husband ....will it be consider as gift or income from other sources in the eye of f b r? whereas wife or daughter paid 35% to withhold tax as non-filer on their other investment encashment /?? will it be consider as gift or not or donor must have to be filer in this case ?
Gift from elder brother which age is 74 year old is acceptable or non expectable if gift reciever is filer or other person is not filer he is old age person he has a bank account or small property which he live in their and he want to gift his younger brother fbr tax and income tax on them please explain us in detail and how much tax implemented on them
Assalamoalikum sir, agar father ne 7 ya 8 saal pehly apny son ko koi property ya cash gift kia ho aur father filer na hon, aur son ab 2024 mein first time return file ker raha ho tau uss pe bhi ye law apply ho ga aur sab proof gifts ka dena pry ga?. Thanks in advance..
Asslam-o-Alaikum! If a son got gold as a gift from mother & mother is not filer while receiver a filer then there any issue for filer/receiver? جزاک اللہ خیرا
AoA If I give amount to my son or spouse through bank to bank and if they give back to me before ending June , I mean for 10 months, same back through bank and kept it profit with them. What FBR condition will apply. You can say sort of loan within tax year for 10months
Your videos are very very informative & educating. I have a question Sir, Can FBR attach a JOINT bank account for the recovery of Tax Liability of ONE member of the Joint account, if other have no issue with FBR ?
جناب دو سوال ہیں کہ اگر بھائی اپنے سگے۔ بھائی کو رقم دے تو یہ گفٹ میں آئے گا یا نہیں اگر بیٹا باپ کو رقم دے بینک کے زریعے ، تو کیا پھر بھی گفٹ ڈیڈ لازمی ہے شکریہ
Another question about JOINT account of Husband-wife, if one of them give gift to the other, how can they transfer it through any of the banking channel, because account is the SAME ?
If loan is taken and return back with in tax year, mean taken in August and return in may, will this need to show in fbr return? And If bank give you profit on it, how this will show in return?
You have quoted Chapter 5, Clause 5, 1(a). It says "An ancestor, a descendant OF any of the grand parents". OF any of the grand parents? Is this a typo? Is it supposed to say "An ancestor, a descendant OR any of the grand parents" may be? Otherwise, it will include all the real Uncles and Aunts and Cousins as well as real siblings.
@@tahirmahmood453 ager more then 10 years before gift ki thee mager tax return me gift dene wala ne apni return me gift show nahi kia tha because welthtax show kerna zrore nahi tha to gift received karne wala return 2024 karta he to problem to nahi ho ge both parties ko?
FBR ka confirm notice aye ga. 1 karor ke gift pe 28 lac tax plus fine ada karna ho ga. If u want to save urself u have to revise weath statement of previous years.
Sir, AoA, Kindly guide how to upload the required documents e.g. gift deed, statements and return of donor and donee along with return in FBR IRIS.2.0. Thanks
@@tahirmahmood453 many thanks for your prompt response as always.....In attachment we have Final accounts (3000) no detail available in any section of ITO and Manufacturing and trading /Profit & loss accounts statements (9230) ... again no detail is available in any section of ITO. so it is again requested to please let us know where to put our routine documents in return filing ... BR//
@@KhalidMehmoodabassi you can attach documents in any of these options, but title of attachment should be helpful to FBR in identification of documents.
سر میں فائلر ہوں میں نے نان فائلر بہن سے بطور گفٹ 3 لاکھ روپے لئے.میرا گزارہ بینک پرافٹ پر ہوتا ہے.کوئ اور زریعہ آمدن نہیں کیا اس پر ٹیکس لگے گا .یہ 6 لاکھ سے تو کم ہے. اگر میں بہن کو 3لاکھ دوں تو کیا ہوگا
Sir, can we revise Tax year 2023 wealth statement and Tax year 2023 income tax return if IRIS PORTAL PERMITS. As IRIS is already permitting so can i straight away revise wealth statement of 2023 and income tax return of 2023 without forwarding application of revision in IRIS OR first forward an application and then revise Tax year 2023 income tax return and wealth statement??
If reads the law carefully, it is clear that the conditions are applicable on gifts received from persons other than relatives. And for relatives the conditions are not applicable.
دفتروں میں بیٹھے فرنگی قانون بناتے رھتے ھیں عوام کو کوٸ خبر ھی نہیں ھوتی۔اچانک سے عوام پر مسلط کر دیتے ھیں کچھ عوام کو اگاھی بھی تو دینی چاھۓ کہ کیا قانون بنایا ھے
سر بہن اگر اپنے بھائی کو اپنے وراثتی مکان سے اپنا حصہ گفٹ کردے تو کیا اسے ٹرانسفر کرانے پہ ٹیکس وغیرہ لگے گا اگر ہاں تو کتنا لگے گا پلیز جواب دیں شکریہ @@tahirmahmood453
Sir, What if son got gift (property etc) from his father and father is not a filer? Son is file
Kindly advise if any spouse husband or wife gives cash amount/gift to anyone for household expense contribution, how to mention in income tax return by both persons?
Question Sir, If husband and wife or Father and Daughter have a joint account and as per the benefit given to the joint account by F B R either of them can become a filer Both of them don't need to be filers so from any other investment or cash wife ( who is not filer ) can give the gift to husband ( who is filer ) from her investment or if wife cashed up her investment in a same joint bank account and give a gift to her husband ....will it be consider as gift or income from other sources in the eye of f b r? whereas wife or daughter paid 35% to withhold tax as non-filer on their other investment encashment /?? will it be consider as gift or not or donor must have to be filer in this case ?
Gift from elder brother which age is 74 year old is acceptable or non expectable if gift reciever is filer or other person is not filer he is old age person he has a bank account or small property which he live in their and he want to gift his younger brother fbr tax and income tax on them please explain us in detail and how much tax implemented on them
Thank you for addressing such an important issue.
Very well explained sir 👍
Thanks for very well explaining.
What is the rule if husband make a gift to wife
Deed is required.
Thanks
Deed is compulsory requirement of gift
Very well explained.
Thanks
کیا بھائی اور بہین اپنے کسی اور بھائی کو ابائی جائداد میں اپنا حصہ گفٹ کر سکتے ہیں ؟ اور اگر کر سکتے ہیں تو کوئی ٹیکس یا خرچہ کیا ہوتا ہے؟
Assalamoalikum sir, agar father ne 7 ya 8 saal pehly apny son ko koi property ya cash gift kia ho aur father filer na hon, aur son ab 2024 mein first time return file ker raha ho tau uss pe bhi ye law apply ho ga aur sab proof gifts ka dena pry ga?. Thanks in advance..
mutual fund pr milne wale dividend CGT ko kesa dalna he returns me os pr b video BNA de
Watch video of Finace Expert on this topic
Shares received from father as a Gift how to show in Wealth statement. Should be shown with consideration or without consideration. Kindly reply
Asslam-o-Alaikum!
If a son got gold as a gift from mother & mother is not filer while receiver a filer then there any issue for filer/receiver?
جزاک اللہ خیرا
Widow jo pensioner hain wo apni daughter apni pension via bank gift karti hain, uska kya hoga?
Gift grom brother to sister
Then sister to brother
Or brother to brother blood relationship per gift kar saktay hain ya waha fbr nay mana fermaya hai
Allowed under following conditions
1. Bank to bank transfer
2. Both persons should be Filer
But if father transfer plot or any property by Hiba then Banking channel will not involve ?
AoA
If I give amount to my son or spouse through bank to bank and if they give back to me before ending June , I mean for 10 months, same back through bank and kept it profit with them. What FBR condition will apply. You can say sort of loan within tax year for 10months
Your videos are very very informative & educating.
I have a question Sir,
Can FBR attach a JOINT bank account for the recovery of Tax Liability of ONE member of the Joint account, if other have no issue with FBR ?
Yes
Very good. Gift from father to son and son to father?? not mentioned in your video
Allowed
جناب دو سوال ہیں کہ
اگر بھائی اپنے سگے۔ بھائی کو رقم دے تو یہ گفٹ میں آئے گا یا نہیں
اگر بیٹا باپ کو رقم دے بینک کے زریعے ، تو کیا پھر بھی گفٹ ڈیڈ لازمی ہے
شکریہ
بیٹے سے تنخواہ نا لینے کا نتیجہ تو عمر بھر کی نا اہلی میں شمار کیا جا سکتا ہے 😂
What about marriage gifts like gold,salami etc ,how to treat them in returns?
Pls guide , gift can be given to real brothers n sisiters
Yes
Can I gift flat to my wife which is currently at my name? Will that property will be taxed?
Most of societies tax gift like tax om sale
Please elaborate the procedure for inheritance and also in Expenses code "Tax" what types of taxes be added
Every type of tax that u have paid
Does provincial and municipal tax is also included.
Sir, What are fbr conditions for loan?? Kindly provide reference of relavent section of income tax ordinance 2001 and related rule regarding loan.
SECTION 39 SUBSECTION 5
Thanks
Another question about JOINT account of Husband-wife, if one of them give gift to the other, how can they transfer it through any of the banking channel, because account is the SAME ?
Such transaction does not exist in accounts so no entry
If loan is taken and return back with in tax year, mean taken in August and return in may, will this need to show in fbr return?
And
If bank give you profit on it, how this will show in return?
Don't worry it's just normal transaction
Kindly also mentioned amount limit of Gift on which tax not apply
No Limit bro
اسلام علیکم ۔
Question is Brothers and sisters are not considered "relative" in FBR laws? Plz answer
They are relatives
Would be much obliged if u let us know inheritance asset reporting in income tax return.
Thanks
Sir ek property inheritance main mili and same year main ee sale kardi to uski entry kis tarah hogi?
Search 236C on IRIS
@@tahirmahmood453 Sir uspe Capital Gain tax lagega? Same year main inherited property name pe transfer hui and same year main sale ki.
Kiya father ka son ko property gift karna relative mei aye ga according to fbr law?
Yes
Registered gift deed is necessary or simple stamp farosh one is enough?
Now a days computerised gift deed only on ashtam
Stamp paper of what amount is for bank gift deed. I mean 100 rupees tamper Chale ga
Meri mother widow hain aur filer exempt Hai. Aur Agar wo gift karein tu phir mein gift deed banwa ke rakh loon. Widow return file karne se exempt
Bro koi bnda bi return file krne se exempt ni ha.
You have quoted Chapter 5, Clause 5, 1(a). It says "An ancestor, a descendant OF any of the grand parents". OF any of the grand parents? Is this a typo? Is it supposed to say "An ancestor, a descendant OR any of the grand parents" may be? Otherwise, it will include all the real Uncles and Aunts and Cousins as well as real siblings.
All are included
What if someone receives a cash gift from wife's account and wife don't have NTN....!
Sir ager more then 10 years before gift hoi property ko bhe question kia ja sakta he?
Last 6 years only.
@@tahirmahmood453 ager more then 10 years before gift ki thee mager tax return me gift dene wala ne apni return me gift show nahi kia tha because welthtax show kerna zrore nahi tha to gift received karne wala return 2024 karta he to problem to nahi ho ge both parties ko?
FBR ka confirm notice aye ga. 1 karor ke gift pe 28 lac tax plus fine ada karna ho ga.
If u want to save urself u have to revise weath statement of previous years.
Sir,
Gift deed for son or spouse, could be on simple paper attested by oth or advocate or on stamp paper?
Ashtam of 300
بھائ جان اگر گفٹ لیتے وقت گفٹ ڈیڈ نھیں بنای تو اب کی تاریخ میں بنالیں ؟@@tahirmahmood453
Is it compulsory for a gift receiving person(son/daughter as a student)to be a filer,
Sir, AoA, Kindly guide how to upload the required documents e.g. gift deed, statements and return of donor and donee along with return in FBR IRIS.2.0. Thanks
Attachment in return
@@tahirmahmood453 many thanks for your prompt response as always.....In attachment we have Final accounts (3000) no detail available in any section of ITO and Manufacturing and trading /Profit & loss accounts statements (9230) ... again no detail is available in any section of ITO. so it is again requested to please let us know where to put our routine documents in return filing ... BR//
@@KhalidMehmoodabassi you can attach documents in any of these options, but title of attachment should be helpful to FBR in identification of documents.
@@tahirmahmood453 many thanks 👍
Thanks
سر میں فائلر ہوں میں نے نان فائلر بہن سے بطور گفٹ 3 لاکھ روپے لئے.میرا گزارہ بینک پرافٹ پر ہوتا ہے.کوئ اور زریعہ آمدن نہیں کیا اس پر ٹیکس لگے گا .یہ 6 لاکھ سے تو کم ہے.
اگر میں بہن کو 3لاکھ دوں تو کیا ہوگا
Don't worry. FBR does not audit such small amounts
Sir, can we revise Tax year 2023 wealth statement and Tax year 2023 income tax return if IRIS PORTAL PERMITS. As IRIS is already permitting so can i straight away revise wealth statement of 2023 and income tax return of 2023 without forwarding application of revision in IRIS OR first forward an application and then revise Tax year 2023 income tax return and wealth statement??
Revision without commissioner approval
60 days for 114 form, 5 years for 116 form
@@tahirmahmood453 thank you sir
@@tahirmahmood453 SIR, on REVISION OF WEALTH STATEMENT OF TAX YEAR 2022 AND 2023 NOW, CAN A PERSON be transfered to LATE FILER CATEGORY??
❤❤❤
If reads the law carefully, it is clear that the conditions are applicable on gifts received from persons other than relatives. And for relatives the conditions are not applicable.
Further the brother in law and sister in law also covered under the definition of relative. I think.
No they are not included in blood relatives
@@ScientificWorld2 yes they are not blood relatives but definitely relative.
Can parents can gift their property or transfer money by hand to any real son or daughter
Yes
Sir how it would be treated
If son is non filer and father is filer.Does fbr accept it as gift?
@@shahzadqurashi3942 nop
Son in usA gifted millions to buy a house
Whats benefits?
Can gift be given to a brother ?
Yes
دفتروں میں بیٹھے فرنگی قانون بناتے رھتے ھیں عوام کو کوٸ خبر ھی نہیں ھوتی۔اچانک سے عوام پر مسلط کر دیتے ھیں کچھ عوام کو اگاھی بھی تو دینی چاھۓ کہ کیا قانون بنایا ھے
Can a brother give a gift to brother as per section 85.
Yes
can daughter in law gift money to mother in law
No
You did not clarify if real brothers and sisters can give each other tax-free gifts.
Yes They are included in decendents of same grandparents
@@tahirmahmood453 Many Thanks.
سر بہن اگر اپنے بھائی کو اپنے وراثتی مکان سے اپنا حصہ گفٹ کردے تو کیا اسے ٹرانسفر کرانے پہ ٹیکس وغیرہ لگے گا اگر ہاں تو کتنا لگے گا پلیز جواب دیں شکریہ @@tahirmahmood453
Kay sas apni bahoo KO gift day Sakti ha
No
An ex chief secretary of Punjab recieved Rs 1.2 billion in Total Salaami on his daughter's wedding. Do you think he paid any tax?
how to adjust last years refund in return of 2024 .
Will I have to make gift deed for cash also
yes
please provide your feedback if gift is given i. shape of saving certificates…share your mobile number as well
Same, have you found any solution?