Panic in market regarding new taxes, Mr. Jameel Mughal plz comment
My relative is a high official (CSS Officer) in FBR. I discussed with him the matter of evaluation of plots by FBR.
as per his statement, the FBR has no time to evaluate each plot, and what remain the effect of DC rates announced by District Collector, Land and Revenue Deptt.
During the Audit of Filers and to bring the general Public in tex net, the FBR is trying his best to broad the TEX net. Previously the Clerks of FBR were doing evaluation of price of plots and by taking bribe they could easily less the evaluation. So the FBR will evelute the plots of Filers with the help of third party.
This will not done for each trading but for Audit of filers and by watching of multimillionaire Bank Accounts of Non-Filers. That was also happening in past.
In other countries and especial in India the Govt. / Tax Deptt. has the authority to acquire the plot, land and other property of a person who has evaluated his at very less rate from market and on the rate he mentioned. However it will not be implemented in Pakistan for few years.
So as per the announcement of Ishaq Dar Gain Tax would be implemented on the property of Three Million (as i remind it was mentioned in the news paper) new gain tax would be implemented.
I think there would be no new gain tax for five or ten marla of many societies including Prisim.
Jameel Mughal sb previously i was planning to sell my upper cutting "J" Block good
location plot but on your recommendation and in the light of new Tax policy i postponed my idea.
However, plz tell me the market is fast now a days due to the coming of overseas or the effect of fast market will continue of "J" Upper due to the ring road more visible in doming days / months.
Please comment you do not see any correction if the Tax policy is soft.