Good Breaking news

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Come to business again

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plz evaluate the flowing plot 9 prism

R 1216

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:h what is the future potential for DHA Bahawalpur 2 Kanal if someone gets it in balloting? lot of friends discussed 1 Kanal, need expert opinion around 2 Kanal and if market in BWP will have buying power for 2 Kanal etc.

Advice needed for small investment

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Today I visited a number of housing societies on the new constructed defense road, and found a remarkable developments in the area.

I am middle income group person, and want to buy a plot in any society of the area. My budget is 2 to 3 Million.

I have contacted a number of dealers and found the following two options of plots in my range, and are lucrative to me especially because of Lahore Ring Road:

1. A 5-Marla Plot at Khayaban-e-Amin (About 25 to 30 Lac).

2. An 8 to 16 Marla Plot at Audit (About 20 to 30)

Kindly advise me to decide which investment would be beneficial in the short and long term.
:h :h :h :h

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https://jang.com.pk/latest/141726-property-valuation-govt-withdraws-appointing-sbp-officials
congratulations!

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Plz evaluate the following plots 9 prism

R 2745
R 1878

thanks

change of property laws

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Dear All

There has been a lot of discussion on the successful meeting of Government and dealers, however I would like to point out that the new laws have been passed by parliament and hence no one including Mr. Dar can change or amend them. These will have to go back to the parliament for any amendments. Secondly the supreme court can set aside a law passed by parliament if it is against the constitution of Pakistan otherwise it cannot change or order a stay on a law passed by the parliament.

Secondly I think in any market, perception is more important than reality. If most people think that the market will go down, then it will go down regardless of the underlying fundamentals. Property has had a good run for the last 3 years and its gains have been 10 times more than the growth rate of the economy. Therefore it cannot go on increasing at this rate. Eventually all property is linked to the over all economy. You cannot separate the two for the long term.

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Please access the current value of my commercial plot 48/2 Quaid Block Bahria Town Sector E.

Suggestion of system change

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I really appreciate fast successful meetings our FBR Team, Mr. Haroon Akhter and Minister for current Tax Policy. Why did not this respected management utilizing goby from other countries like Europe, Australia, USA or Canada. Currently the discussion concludes that Black Money (OVERSEAS HALAL EARING) becoming issue day by day and it will effect drastically to Overseas Pakistani. A small change in system can resolve many issues and will give best conversion and usage of “WHITE MONEY”

I will feeling itchy and uncomfortable by giving the example of India our neighbor where all overseas Indian have one NRIs (Non Residence Indian) account (NRE), which is using very efficiently and effectively in-country and no BLACK and WHITE concept for overseas workers. Our Management can take other country best goby.

Non Residence Overseas account lets Overseas Pakistani transfer Our earnings to Pakistan conveniently with complete security in “WHITE” mode.
Features & Benefits: (1.) Free transfers of funds freely between Pakistan and abroad. (2.) Pay ZERO tax on the interest earned on your Non Residence Account in Pakistan
Accessibility: (1.) Withdraw cash easily and shop worldwide with International Debit Card. (2.) Appoint a mandate to operate your account for you
Managing your account: (1.) Transfer your funds freely to any place outside Pakistan. (2.) Conduct transactions securely online, 24x7 with Net Banking . (3.) Other benefits of Pay utility bills, Cheque books, sage deposit lockers same typical.

To transfer money to your NR Overseas account, we can: (1.) Transfer funds from abroad in a freely convertible foreign currency (2.) Present foreign currency notes / traveler’s cheques brought in by us on your visit to Pakistan. (3.) Directly remit the amount to Pakistan bank from your overseas bank account. (4.) Transfer funds from an existing Non Residence Overseas Account held in other banks in Pakistan.

Now when one overseas will use this amount purchasing the property by paying from his overseas account the money will be always WHITE and no need to worry to overseas employee as well as FBR. It will save a lot of time and work very professionally.

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http://www.pkrevenue.com/exclusive/finance-minister-to-announce-agreed-mechanism-for-immovable-property-valuation-on-july-21/

How much true is this?

Encouraging Progress with FBR

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Good News regarding Taxes is coming SOON!!!!!!

Evaluation Required

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Please Estimate Current Value of
Prism Zone 3 - 189

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Any body have any idea about Park view Villas near thokar niaz baig. I means it current real status about Tulip and Tulip extension blocks. Thank you very much.

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CONGRATULATION

Alhamdulillah our efforts has been successful and Meeting with Mr Haroon Akhter advisor to Prime Minister and panel of FBR officers has ended.

GOVT. has shown willingness to withdraw the appointment of Valuators and make a fair value table for taxes and white money. We have also opposed the period Capital Gain Tax and proposed old period of two years.

DC rate in provinces will continue for Stamp Duties etc.Finance Minister Mr. Ishaq Dar will finalize deal tomorrow.

Maj M Rafiq Hasrat
DHA Lahore dealers association president.

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CONGRATULATION

Alhamdulillah our efforts has been successful and Meeting with Mr Haroon Akhter advisor to Prime Minister and panel of FBR officers has ended.

GOVT. has shown willingness to withdraw the appointment of Valuators and make a fair value table for taxes and white money. We have also opposed the period Capital Gain Tax and proposed old period of two years.

DC rate in provinces will continue for Stamp Duties etc.Finance Minister Mr. Ishaq Dar will finalize deal tomorrow.

Maj M Rafiq Hasrat
DHA Lahore dealers association president.

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Positive developments in 2nd round of Property Taxation Committee meeting
1. immensity scheme expected
2. property transactions will not be monitored
3. proposal to eliminate role of SBP panel
4. no audit of last 5 yrs property deals
:cl :cl :cl

THE EXPRESS TRIBUNE: Taxing Real Estate

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ISLAMABAD: The government on Monday showed its intention to retreat from its stance of taxing gains from the property business at fair market value and constituted a committee of stakeholders to find a solution after property transactions came to a halt.

The committee would comprise real estate agents, representatives of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and the Federal Board of Revenue (FBR).

The constitution of the committee underscores flaws in the budget-making process, which the National Assembly passed just last month.

The decision to constitute the committee was taken after a meeting between the tax authorities and the real estate sector representatives.

Special Assistant to Prime Minister on Revenue Haroon Akhtar Khan chaired the meeting.

Property market expects govt to take back controversial tax decisions

Through the Finance Act 2016, the government got an amendment to Section 68 of the Income Tax Ordinance approved, allowing the FBR to determine the fair market value of any property without taking into consideration the value fixed or notified by any provincial authority.

The fair market value will be determined on the basis of valuation done by a panel of approved experts of the State Bank of Pakistan (SBP).

Till June 30, the value of property for tax purposes was determined on the basis of rates set by the district commissioner, which in most cases were several times lower than the prevailing market rates.

The real estate agents claim that after recent changes in the law, the property transactions in major cities have stopped.

The estimated size of black money parked in real estate is around Rs7 trillion, according to officials.

Experts argue that such vast powers to the FBR or the SBP nominated experts would open new avenues of corruption – a concern also expressed by the real estate agents during Monday’s meeting.

The committee would submit its recommendations to Finance and Revenue Minister Ishaq Dar by the end of current week, said an official of the FBR.

Govt may double tax on transfer of properties

“Stakeholders have expressed concern over four clauses of the income tax law that deals with taxation on real estate in addition to objecting to the procedures being adopted to calculate these taxes,” said Chaudhry Abdul Rauf, President of the All Pakistan Real Estate Agents Association.

He said the association objected to the government’s decision to charge a flat 10% capital gains tax on properties sold within five years of the holding period. “The association sought reintroduction of the slab rates instead of charging the fixed rate,” said Rauf.

He said the valuation system under Section 68 was not acceptable and feared it would open new avenues of corruption.

The association also objected to the increase in withholding tax on the sale and purchase of properties in the budget for 2016-17.

Solution offered

Naveed Zafar Ashfaq Jaffery & Co – a chartered accountancy firm – has proposed three solutions. It has suggested that a one-time amnesty scheme may be introduced for declaring the property at the actual cost and paying taxes at 2% or 3% of the amount of difference between the declared cost and the actual cost.

Such differential amount may be added to the declared assets after availing the scheme and payment of taxes.

The officials said any solution would be for the future and past property transactions might have to be condoned by offering an amnesty scheme.

Property dealers asked the government to gradually increase the property valuation over a period of five years, however, government officials proposed the increase in rates over three years.

The new property valuation rates would be lower than the fair market value but significantly higher than the rates fixed by the district commissioner, they added.

Status of sangatpura phase 7

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Aoa. I wanted to know what is the status of sangatpura village phase 7 x block. And when is the posession expected in non posession plots of x and v blocks.
Regards

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Dear friends an important note to save a lot of money. Even if you have not received your Dha Lahore 9 Prism or DHA Phase 8 Ivy Green plots development charges intimation letters still you must pay due installments to avoid fine and interest on fine that is huge 20% calculated daily bases on each missed installment for each day you missed it.

Approximate per day fine for each missed installment is
01 Kanal = Rs 91
10 Marla= Rs 61
05 Marla= Rs.41
04 Marla Commercial= Rs 91
08 Marla Commercial= Rs 174

If can afford pay installments and donate possible files amount for good cause instead of giving to DHA. BTW DHA never ever waive off any fines. Must send separate pay order for each plot to DHA.

Never pay more than due installments as higher paid plots very hard to sell in market. Never pay full amount in advance or forget about selling it untill all nearby plots locations are full paid too. No discount to pay in lump sum to sellers but only buyer lose a chance to pay remaining due amounts in installments so he will only look for due paid plots instead of full paid.

*BTW market is very slow because taxes issue may take a while to get solved. Law have to be passed in parliament to reduce reverse or correct it and also announce amnesty scheme on property sale purchase money in past and for future couple of years*

Let the corrupt people sell their DC rates purchased land for CPEC projects or routes at new 10 times higher market rates to Govt first to mint easy billions more dollars and than let these poor guys once again take those easily minted billions of dollars to outside Pakistan by making them halal and trouble free through in near future amnesty scheme on transactions ( You will be told it is a big favor for you to recover the recent loses) . All this is going to take a lot of time so best thing for you to do is to play Pokémon Go for now with your kids or take your kids out side so they can catch a few birds :)




Your friend
Choudry Mujahid Yasin ( CMY )
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Is it worthwhile to sell a Prism R Block 5 marla Plot and AWT Phase 2 10 marla Plot right now and buy 1 kanal in Prism Phase 9?

Experts please advice will the 2 small plots be better for future gains or one large plot of 1 Kanal?