Tax on Gift - Tax on Cash Loan - Tax on Foreign remittance
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- เผยแพร่เมื่อ 7 ก.พ. 2025
- Tax on Gift, Tax on loan and Tax on foreign remittance all theses inflows are exempt from tax if received through banking channel from holder of NTN. References Section 39, Section 111, Section 85(5)
Cash Law: • Foreign Remittance enc...
excellent explanation, first time aisa hua ha k koi video dekhny k baad mere pass koi sawal ni ha sirf salute ha
very well explained sir it is recomemded to add lind to download format on your youtube for more learnig for masses keep it up sir
very will explianded
Thanks sir i got the concept very comprehensive lecturer ❤
Very comprehensive lecture
Very very useful and informative 🎉very simple and assertive style of deliverance of concept ❤superb. Gift treatment concept 💯 percent clear, otherwise I have seen many vloggers beating about the bush on WhatsApp groups with vague understanding. Thx a lot. Superb way of teaching and communication.
Masha Allah great video sir thank you 😊
Very nice ,simple to understand plz carry on.
For case study 6 what is to be reported by donee in tax year 2021 and 2020
FBR value????
Very beautifully explained ❤️❤️❤️
Very informative video keep it up .
Very very nice 👍
Jazak Allah Khair Bhai Junaid Sahab
Fine way use for understanding. Appreciate.
Best interpretation
Very much useful information
GREAT VIDEO SIR THANK YOU VERY MUCH
@@insighttax www.incometaxstudio.com
Very fine examples.
is gold received in dowry a Gift?
What conditions must be fulfilled to make it tax free?
Very easy-to-understand video. Please carry on this good work. I would like one clarification: Can sons or daughters give gifts to their parents?
@@muhammadsalim6008 yes. They can
What is the treatment of marriage cash gift (salami) in income tax return, & also other marriage gifts eg. Gold etc.
Very well explained
Request comments : Sec. 39 says gift received from a person by crossed cheque OR through a banking channel from a person holdingNTN. It implies that crossed cheque payment is acceptable from A PERSON even if not holding NTN. The condition of NTN is applicable if payment is made by other banking channel
1. Gift being exempt can be received from relatives. 2. Department sees this section as the provider must hold NTN and make payment by banking channel. 3. Cases available in which it is decided that only payment by banging channel is enough.
@@incometaxstudio Thank you though I still feel that in case of payment by crossed cheque holding of NTN is not mandatory.
@@abdulwaheed-ng6ft correct
Zabardast
Sir mein apny wlid sb sg pesy loan ly raha hon though proper banking channel and both are ntn holder... Lakin mein wo pesy invest kron ga...
Ab ye kesy show krna hai ya mum kin hai ya?
Sir subscribed your channel c/o Umair Gulzar sb
Thankyou for helpful information. please let me know where to enter extra income earned by part time job other than salary.
Sir tax return mein sholarship ki entry kahan hogi 50000 received from hamdarad foundation. For education
Thanks for video
❤ thank you Sir!
Reporting Of Loan Me Jo Deh Raha Hai Load Usko Kia Treatment Kerni Hogi?
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.
Thanks for video.
In case of loan, tax will always be imposed on borrower??
Yes. Borrower who receives loan.
really impressive
What is treatment of movable property gift eg gold in income tax return?
Sale of Gold is exception and is taxable
Can a foreign remittance can be received from friend ? Who is not in blood group ?
@@arhamaftab1205 yes.
A person gets loan from a relative who is non resident through installments upto 10M to buy a vehicle will it be tax free for borrower ? Received through banking channel .
@@munakhan100 instead of treating it loan report in foreign remittance that is tax free as well.
@@incometaxstudio thankyou
Sir.
Father in law and brother in law also comes in the definition of relative
yes
Me gov employee ho ,,mera department normal financial year ko follow nai krta,,unho ny mjhe 2022 ka tax certificate ( 1st jun say 30 may) ka diya he ,,jis me meri taxable income nai bnti ,,,but meri bank statment me normal financial year k hisab say sallary count kro to taxable income bn jati he ,,my question is ..ager me bank statment k hisab say return fill kro to meri income 6 lakh sa opar jati he jo taxable he and jo tax bny ga wo me withholding tax k sath ya pechly refund say adjust kr sakta hoo? Jo k mery department ny salary ka tax nai deduct kia... ya phir department ka fy follow karo?
income received in a tax year is ur income only
sir income meine khud apne account mein dollar mein daali hai to hum kese enter karein phir return mein ?
Kya dollar ko rupees mein convert karke likhein ?
@@asadullahpanhwar7447 asad can you pls send your question in audio to my WhatsApp 0345 8547682
@@incometaxstudio done sir
@@asadullahpanhwar7447 let me check and revert
Bhai say cash as gift through banking channel lena ho to gift deed bnana zarori he kia
Yes
If I transfer funds from my bank to my father's bank account in terms of family support, then it will also be treated as a gift? Right? Iski koi limit b hai?
Not necessarily. No limits.
@@incometaxstudio if not gift then how to treat such family support funds transfer within Pakistan? Please clarify.
In your return just show in expenses for which you have transferred money to father account... while your father will show the amount under code 7088 in personal expenses
@@incometaxstudio From that contribution amount he also made investments in Bonds, so can I file it under other expenses code 7087?
No limit.
Assalamualaikum
Flat cancel hone pe builder humko hamara pura paisa rtgs se wapas kerta hai jo black hai aor white hai dono eksath 15 lak wapas kare sath notery bhi de cancellation ki to kiya us amount pe tax lagega.
Aor hamari incom 4lk k ander hai kabhi retur bhi nahi bhare ho to ayese case me kiya hoga.builder ko amount 4 sal m thode thode kerke diye
Can you pls send your question in audio as unable to get it correctly
345 8547682
Inheritance money pe tax hota hai ya nahi?
Nahi, being capital receipt. Supported by sucession certificate
@@incometaxstudio Thank u. Sir.agar gift mein money show karoon mother ki taraf se laikin wo filer nahi hain...us ka kia solution hai??plz reply
@@muhammadwaqas9787 just take by bank transfer and prepare a gift deed .
@@incometaxstudio Thank u
Agr ma apne foreign bank se pakistan bank ma pesay bhejo or uski PRC b mojod ho tu kia ispe tax lagay ga ?
No tax
@@incometaxstudio I receive salary from foreign company to my bank but no tax is deducted. Should I pay tax on it or how should I declare it. I also receive PRC for that.
Sir husband give loan to wife tax year 2023 in cash
Both have ntn
Please sir advise
Please tell taxable or exempted? With reference section
Allowed, case law available, but not advisable only do these thing in rare situations
@incometaxstudio1885
Right sir please sir can you share law references
@@mirzabrothers6255 pls send message to my WhatsApp no 0345 8547682 will send
Sir.
Is father and son both are filler. And father gifted 5 million to his son through bank channel. Will there be ant tax
@@khalidramzan1650 no tax
جزاکم اللہ
@@incometaxstudio Gift deed is required?
Sir. I received 2 million as inheritance money after 3 years of death of my father. We sold some property which was not registered on my father name and he also had some investments with his friends. Now i have received that money as inheritance but don't have and documentary proof. How to treat that in tax return
@@khalidramzan1650 pls call will guide
Ap ka contact no plz
سلام
Sir I am filer I received Rs. 3 lac through cross check from my non filer sister.Is it taxable? though it is less than 6 lac.Remember I have no other income source except bank profit.
If I give gift of 3 lac to non filer sister then what will be the result and treatment.
@@Artandcrafttheartist no impact
Sir.
Can FBR audit 2018 tax return in year 2023
@@khalidramzan1650 yes. Till 30.06.2024
@@incometaxstudio means upto next 5 years FBR can audit our tax returns.
Sir.
My mother in law has gifted 5 Lac to me for family support etc. She is non filer.
I am filer .
She depoted 5 Lac online cash in my bank account . Is there any tax on it
Cannot be treated gift as she is non filer but you can treate as support for expenses don't show in inflows and outflows just treat as contra entries
Otherwise file her tax return and also show gift in her wealth and also treate same as gift in your return
@@incometaxstudio Where to enter Contra Entries?
@@khalidramzan1650 pls contact 0345 8547682
Sir. My father is law died in November 2020. This year my brother in law sent 2 million to her sister thru bank channel. Basically this was pending inheritance amount share. But we don't have any documentary proof to prove it as inheritance because father in law had some land which was not registered on his name and that was sold now by his sons and sent share to his sister who is my wife How to treat it in tax return .
Every gift ka verification notice ata hai ya kisi kisi ka?
Not necessary.
@@incometaxstudio thank u
سلام
میری نان فائلر بہن نے مجھے 3لاکھ روپے چیک کے زریعہ گفٹ کئے میں فائلر ہوں میری آمدن بینک انوسٹمنٹ کا پرافٹ ہے اور کوئ زریعہ آمدن نہیں کیا اس 3 لاکھ پر ٹیکس کٹے گا؟
اگر میں بہن کو 3لاکھ دوں تو اس کا کیا ہوگا؟ میں فائلر بہن نان فائلر.
@@shahzadqurashi3942 nahi lage ga
Thanks
I have given loan to a friends before june 2023 through banking channel.. he sent me back after july 2023 now how i will show this money or in what head? @income tax studio
@@yahyahussaini this is wealth statement item show on June 30, 2023 in other assets as loan receivable from friend paid through banking channel,
And in next year delete this line item as your cash of bank will be increased as he has paid loan
Sir apka number
0345 8547682
Aoa sir. Please explain section 147 ITO , 2001 in case of individual and Aop, company.
Sir as individual taxable income limit is one million for paying advance tax u/s 147(4).
Sir taxable income means.
Total turnover minus cogs= GP
Minus All indirect expenses.
PBT or taxable income?
Please verify above query?
Thanks and Regards Raja Aurangzeb from Lahore. Your WhatsApp number or email please.