{"id":54051,"date":"2019-07-31T15:58:47","date_gmt":"2019-07-31T10:58:47","guid":{"rendered":"https:\/\/www.zameen.com\/blog\/?p=54051"},"modified":"2019-07-31T15:59:09","modified_gmt":"2019-07-31T10:59:09","slug":"fbr-tax-gifts-from-relatives-if-not-sent-via-banking-channels","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/fbr-tax-gifts-from-relatives-if-not-sent-via-banking-channels.html","title":{"rendered":"FBR to tax gifts from relatives if not sent via banking channels"},"content":{"rendered":"<p>Islamabad: The Federal Board of Revenue (FBR) has decided to tax all gifts not received through cross-cheque or banking channels from relatives under the Income Tax Ordinance of 2001 as \u201cincome from other sources\u201d, a news source reported. These include gifts given by a spouse, child, grandparent, parent, and sibling. Only a transfer of assets or gifts through cross-cheque or banking channels from the close relatives mentioned will not be taxable.<\/p>\n<p><strong>Read:\u00a0<\/strong><a href=\"https:\/\/www.zameen.com\/news\/rental-income-new-brackets-introduced-taxes-raised-to-35.html\" target=\"_blank\" rel=\"noopener noreferrer\">Rental Income: New brackets introduced, taxes raised to 35%<\/a><\/p>\n<p>Analysis of Income <a href=\"https:\/\/www.zameen.com\/news\/chaudhry-all-time-high-tax-filer-numbers-recorded.html\" target=\"_blank\" rel=\"noopener noreferrer\">Tax Returns<\/a> filed during the previous year revealed that vast amounts of money and assets were transferred between unrelated people under the label of gifts to avoid taxation, as stated in the Income Tax circular. To prevent this practice, the Income Tax Ordinance has been amended through the Finance Act of 2019.<\/p>\n<p><strong>Read:\u00a0<\/strong><a href=\"https:\/\/www.zameen.com\/news\/fbr-aims-increase-number-return-filers-5-million.html\" target=\"_blank\" rel=\"noopener noreferrer\">FBR aims to increase number of return filers to 5 million<\/a><\/p>\n<p>Additionally, the FBR has authorised commissioners with the power to freeze all domestic assets of suspects for offshore tax evasion who are likely to flee the country. The assets can be frozen for a period of 120 days or till the finalisation of the case. For this purpose, a new clause has been added to the Ordinance through the Finance Act to cover all movable and immovable assets, and income outside Pakistan.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Federal Board of Revenue (FBR) has decided to tax all gifts not received through cross-cheque or banking channels from relatives under the Income Tax Ordinance of 2001 as \u201cincome from other sources\u201d, a news source reported. These include gifts given by a spouse, child, grandparent, parent, and sibling. Only a transfer of assets or gifts through cross-cheque or banking channels from the close relatives mentioned will not be taxable. Read:\u00a0Rental Income: New brackets introduced, taxes raised to 35% Analysis of Income Tax Returns filed during the previous year revealed that vast amounts of money and assets were transferred between unrelated people under the label of gifts to avoid taxation, as stated in the Income Tax circular. To prevent this practice, the Income Tax Ordinance has been amended through the Finance Act of 2019. Read:\u00a0FBR aims to increase number of return filers to 5 million Additionally, the FBR has authorised commissioners with the power to freeze all domestic assets of suspects for offshore tax evasion who are likely to flee the country. The assets can be frozen for a period of 120 days or till the finalisation of the case. For this purpose, a new clause has been added&hellip;<\/p>\n","protected":false},"author":74,"featured_media":25713,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"tags":[12439],"persona":[],"class_list":{"0":"post-54051","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"tag-details-on-fbr-to-tax-gifts-from-relatives-if-not-sent-via-banking-channels"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FBR to tax gifts from relatives if not sent via banking channels - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The Federal Board of Revenue (FBR) has decided to tax all gifts not received through cross-cheque or banking channels from relatives under the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/fbr-tax-gifts-from-relatives-if-not-sent-via-banking-channels.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FBR to tax gifts from relatives if not sent via banking channels - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: The Federal Board of Revenue (FBR) has decided to tax all gifts not received through cross-cheque or banking channels from relatives under the\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/fbr-tax-gifts-from-relatives-if-not-sent-via-banking-channels.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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