Lahore Real Estate Forum

Start NEW Topic Or Post Advertisment

                                                          
 
Back to Forum |

Good Breaking news,

(104186)
   Surfer®
Thursday, July 21, 2016 04:12 PM 
Reply: >
Jameel Mughal® replied on Thursday, July 21, 2016 06:03 PM 

I think Major Rift have resolved
Price will Fixed Like Dc rates and in Lahore will possibly not much different than DC rates
Transfers and Stamp fees will happen in DC rates
Federal tax will be charged based on Fare Market Value
FBR will audit/probe last 5 ys transactions, Not 10 yrs [ that is still pinching me] Actually 10 ys Probe was already near to impossible even Banks also don't Keep that old record due to every day changes in soft wares. For Overseas investors it is easy to Bring white money but difficult to deal with Corrupt officials, and For Local investors or holders it will difficult to prove white money both will be discouraged
I am Closely watching new developments before commenting any details.
AHMAD HASSAN® replied on Thursday, July 21, 2016 07:11 PM 

What do you mean when you say fair market value. Before federal tax was on gain. E.g. if net gain will be 10 lac then one has to pay 1 lac. But if market value will be fixed then it seems GOVT going to take 10% on market value either one sell in loss or profit. What kind of this deal is? GOVT is in win win posation & giving one free token to black money holders to take money out. Please don't become aggressive buyer and wait. The one who will sell now will be in total benefit. And new buyers will be in total loss if they will buy at high price.
Asad-Ali replied on Thursday, July 21, 2016 07:45 PM 

Ahmad Hassan, you are absolutely right. same question in my mind, if market value will be fixed with annual 10% increase. then according to this formula Capital Gain Tax should be zero if i buy a plot in July 216 and sell in May 2017, so net Gain will be ZERO according to market value which is FIXED in july 2016 and may 2017.

Ultimately It seems that FBR will apply Flat 2% or 3% CGT of current market value (Apply on Seller)
User_9325® replied on Thursday, July 21, 2016 08:41 PM 

I think there will an amnesty for past transactions as it will bring chaos. fbr officers will get rich due to under the table setllements and governement will lose revenues due to low level of transactions. dont know why they tried to sacrifice the hen rather then enjoying the eggs they were already eating.
User_6006® replied on Thursday, July 21, 2016 09:13 PM 

it's good but dead phase is dead phase .
Bilal29 replied on Thursday, July 21, 2016 11:39 PM 

So what has actually changed under the new proposed tax law?

I thought market value ka chaker ab khtam ho gaya hai
>