4. Group members
NAME ID NO
Shazid Ahmed 17AIS019
Fatema Tuj Johora Jakia 17AIS020
Muhammad Khairul 17AIS021
Nayeem Ashraphi Tuhin 17AIS022
Minhaj Ahammed 17AIS023
Tania Pervin 17AIS024
Palash Barai 17AIS025
Kakoli Khanam 17AIS026
Md Al Amin 17AIS027
5. Generally, gift means a presentation or transfer of ownership of property
without consideration and voluntarily by one person to another. Gift tax is a
federal tax levied on a taxpayer who gives money or other items of value, such
as property, to someone else. After the independence The Gift Tax Law of
Pakistan (1963) was adopted in Bangladesh with some changes and
modifications. It has been re-introduced in 1990 which is now known as Gift
Tax Act, 1990.Under this act, gift tax is loveable on the taxable gifts made at
the rate prescribed in the schedule of the gift tax act.
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Gift Tax
6. Characteristics Of Gift
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Definition Of Gift
1. Transfer of property.
2. Involvement of two parties.
3. Existing Properly.
4. Voluntary Transfer.
5. Without consideration.
Gift means presentation or bestowed of something by one
person to another voluntarily and without consideration.
`
7. Exemption From Gift Tax
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1.Gifts of immovable property situated outside Bangladesh
2.Gifts of schools, colleges, universities, hospitals, public charities, etc. approved under income Tax ordinance 1984
3.Gifts to the government or any local authority.
4.Gifts to any dependent relative up to TK 20000 on marriage occasion.
5.Gifts to any flood or disaster management fund established or approved by the government.
6.Gifts made under contemplation of death
7.Gifts under a will.
The following gifts are exempted from tax under section 4 of gift tax act 1990.
9. Objectives of Introducing Gift Tax
1. For earning government revenue.
2. For preventing tax evasion.
3. For reducing the differentiation of wealth.
4. For re-distribution of wealth.
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10. Valuation Of Gift Tax
1. For cash & saleable Goods.
2. Non-saleable Goods.
3. Others, not falling in 1&2 above.
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According to Section 5 of Gift Tax Act,1990, Valuation of Gift for tax purpose is.
11. Gift Tax Authorities
The Income Tax Authorities would be correspondingly acting as the Gift Tax
Authorities. Normally Commissioner of Taxes, Joint Commissioner of Taxes &Tax
Recovery Officers having jurisdiction as such under the ITO,1984, are the concerned
authorities.
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Default, Concealment, Fine & Its Recovery (Section 11-14)
1. Default and Concealment
2. Demand Notice (Section.13)
3. Collection of Tax and Penalty (Section.14)
12. Rates of Gift Tax
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Amount of Gift Rate of Tax
On 1st ৳ 20,000 Nil
On next ৳5,00,000 5%
On Next ৳10,00,000 10%
On next ৳20,00,000 15%
On next balance amount 20%
13. Gift Tax Assessment Procedure
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Following Steps Are Followed In Gift Tax Assessment
Step-1 Identifying and computing taxable gifts.
Step-2 Aggregating taxable gifts.
Step-3 Computing gift tax.
Step-4 Payment of gift tax.
14. Present Condition Of Gift Tax
1. Gift tax Act, 1990.
2. Gift tax Rules, 1990.
3. Circulars & notification issued by NBR relevant to gift.
4. Finance Acts of concerned year as passed by parliament of Bangladesh.
5. Case laws relevant to Gift and Gift taxes.
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15. Advice For Improving Gift Tax Collection
1. Improve communications with taxpayers.
2. Capacity development and sufficient manpower.
3. Provide awareness for booth tax collector and taxpayer.
4. Strict maintain of Gift Tax Act.
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