Under Section 39 read with sub-section (3) of the Income Tax Ordinance, 2001, any amount received as a loan, advance, deposit (including for issuance of shares), or gift from specified relatives is not taxable.
if following conditions are met :
- The amount is received through crossed cheque, banking channel, or approved digital means, and
- The sender holds a valid National Tax Number (NTN).
Specified relatives include:
- grandparents
- parents
- spouse
- brother
- sister
- son, or daughter.
However, if any loan, advance, deposit, or gift (even from relatives) is:
- received otherwise than through crossed cheque, banking channel, or approved digital means, or
- received from a specified relatives not holding a valid NTN,
Note: Such amount shall be treated as income chargeable to tax under the head Income from Other Sources in the tax year in which it is received.
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