Does anyone know how the asset declaration scheme works for the remittance?
My situation...... I have been taking $10,000 cash with me to pak every year for the last 10 years. So my parents have around rs 1 crore cash (some of it is in prize bond form and rest in cash). Do we need to declare this sum of money and put it in the bank or this asset declaration scheme doesn't apply to remittance.
Thanks, asad
AoA,
It is the best time to declare and park this money in property or somewhere
First, 40000 bonds have been banned by SBP. Check with your parents on that.
Secondly, remittances are non-taxable but have to be reported in tax returns every year. Show full amount as remittances and claim exemption on whole amount received.
BTW, such cash transactions are not traceable even within US by IRS. So how you think FBR can't track either unless your parents have been depositing all in bank.
On the other hand safest route is amnesty this year and then file returns onward on yearly basis.
Even housewives with no income can file returns. It's not a big deal.
Thanks guys for the input.
Hire a good consultant and sort this issue before its to late.
...
Non-stop ads running on TV channels about Amnesty deadline of June 30th. Imran Khan also appeared in a live show and warned again that there will be no extension of new Amnesty after 30th.
Also there is a reason that he chose Shabbar Zaidi as head of FBR. So in other words, next 4 years will be full-fledged crackdown on those holding illegitimate wealth.
Hopefully, people participate in this time.
The probably need to crack down on the dollar mafia first. Maybe some sort of dollar ECL is needed to stop people from taking the dollar out of the country.
Do i need to show a plot i buy 10 years back , i dont have money trail for that , but now i m a oversease from 4 years and filer from one year but never show my property in FBR ? please guide
Do I need to pay tax on assets gifted to me by my parents under this asset dec scheme?
Please advise. Thank you
@Ali Khan
Last time I checked gifts were non-taxable but they were going to change that law. Further go to FBR site or call their hotline.
Honestly, at this point, no one knows anything. This government can take U-Turn on anything anytime. So laws don't matter much for them.
@ Ali Khan
Shabar Zaidi did say on Geo Tv that gifts (either from parents to children or vice versa) are not taxable.