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
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.
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
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 ?
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..
Agar ek bhai overseas chala gaya hai or wo apna account yahan Pakistan mai maintain kar raha hai or usme pension aa rahi hai unki or wo us account se apni sister ko support kar rahe hain but wo apna tax return file nahi karte har sal because wo Pakistan mai naho rehte to us se koi masla ho ga?? Kindly help NTN number to hai unka but wo apna filer status maintain nahi kar rahe kaafi salon se because wo Canada ke citizen hain ab.
@@tahirmahmood453 The amount itself is less than 3 lakh per year but the issue lies with the brother not being in Pakistan and having filed no returns in the past 10 years because he is a citizen of another country now.
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
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, 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.
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
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 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
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
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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?
Thank you for addressing such an important issue.
What about other fee like Stamp Duty , Registration Fee , Mutation Fee, Municipal Fee on Gift. Are these all also exempted in Gift or not ?
Very well explained sir 👍
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
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
سلام
سر انشورنس پالیسی انوسٹمنٹ اور اس پر ملنے والے پرافٹ کی انٹری بنانے پر ITR میں کوئ وڈیو ہے تو اس کا لنک بتا دیں
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 ?
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
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.
Would be much obliged if u let us know inheritance asset reporting in income tax return.
Thanks
Very well explained.
Thanks
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 👍
Shares received from father as a Gift how to show in Wealth statement. Should be shown with consideration or without consideration. Kindly reply
What about marriage gifts like gold,salami etc ,how to treat them in returns?
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
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
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
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..
Very good. Gift from father to son and son to father?? not mentioned in your video
Allowed
Agar ek bhai overseas chala gaya hai or wo apna account yahan Pakistan mai maintain kar raha hai or usme pension aa rahi hai unki or wo us account se apni sister ko support kar rahe hain but wo apna tax return file nahi karte har sal because wo Pakistan mai naho rehte to us se koi masla ho ga?? Kindly help
NTN number to hai unka but wo apna filer status maintain nahi kar rahe kaafi salon se because wo Canada ke citizen hain ab.
If u transfer more than a million per year and your sis is filer then you have to follow these rules
@@tahirmahmood453 The amount itself is less than 3 lakh per year but the issue lies with the brother not being in Pakistan and having filed no returns in the past 10 years because he is a citizen of another country now.
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
Please guide me, can i gift some amount through bank to son of my brother? He will treat as blood relation? Or he will fine by fbr? Please guide me
Yes
Widow jo pensioner hain wo apni daughter apni pension via bank gift karti hain, uska kya hoga?
Pls guide , gift can be given to real brothers n sisiters
Yes
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
Kindly also mentioned amount limit of Gift on which tax not apply
No Limit bro
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 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.
Sir I want to gift amount to my son through bank crossed cheque. We both are filer. Please guide for gift deed
Search on urube, information us already available
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
اسلام علیکم ۔
Question is Brothers and sisters are not considered "relative" in FBR laws? Plz answer
They are relatives
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
سر اگر کسی دوست سے کا رو بار کے لیے قرض لیں تو کتنا لے سکتے ہیں اور اس پر ٹیکس کتنا ہوگا جب کے دونوں فا لر ہوں
ruclips.net/video/hREE-Fr8b84/видео.html
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
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.
Kiya father ka son ko property gift karna relative mei aye ga according to fbr law?
Yes
What if someone receives a cash gift from wife's account and wife don't have NTN....!
SIR .cousin ko property gift ke ja sakte hai
Yes
Can i give gift to son of my brother, im and son of my brother r filer
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
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??
Thanks
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
Can gift be given to a brother ?
Yes
Son in usA gifted millions to buy a house
Whats benefits?
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.
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؟
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 a brother give a gift to brother as per section 85.
Yes
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 😂
❤❤❤
can daughter in law gift money to mother in law
No
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 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
Kay sas apni bahoo KO gift day Sakti ha
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
how to adjust last years refund in return of 2024 .
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?
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?