hi friends!i am a bit confused about the tax treatment of foreign reciepts as gift. for example a pakistani resident individual is a govt employee and has no other source of income;at the same time he recieves rs 50,000/month from his son who is serving in germany. i wanna know is that is the amount recieved as gift from a blood relative is taxable? f yes what is the tax rate applicable?
i am doing CA
hello guys ! where all of u are?i asked the question of tax treatment after 2 reading none of u replied.i wanna know the treatment coz i hav to complete the books of a comany.n yet tax not finalised.waaiting for ur replies.bye
you can contact the author at tahir.rauf@hotmail.com.author is doing inters in CA inters in DUBAI
Hello,
As per your stated situation there is no tax liability on the part of the recepient in paksitani tax laws.
massood ar.
hello massood! thank u for ur comment i had been anxiously waiting for the reply. as i,m practicing in UAE there is hardly any income tax in UAE that is why i was confused.
thnk u once again.ALLAH HAFIZ
you can contact the author at tahir.rauf@hotmail.com.author is doing inters in a CA firm in DUBAI