Lahore Real Estate Forum: Property News & Community Talk : Discussion Property News & Community Talk

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(74133)

Ali Abbas

Monday, June 6, 2016 12:04 AM PST

Reply:

Phase 6

What's happening in phase 6 in front of Dha office and nawazsharif interchange

(74132)

Junaid

Sunday, June 5, 2016 11:37 PM PST

Reply:

DC rate for Phase 7 and 9 DHA lahore

Ad Type

City

Scheme

Phase

Block

Size

Dealing

Lahore

DHA

7 and 9

Commercial

4 and 8

Dear LRE what is the DC rate for 4 and 8 marla commercials in Phase 7 and 9 DHA Lahore? Thanks in advance

LRE� replied on Monday, June 6, 2016 09:23 PM PST

Dear Sir,

Dha phase 9 4 marla commercial DC rate is 880000/-

Dha phase 9 8 marla commercial DC rate is 1760000/-

Dha phase 7 4 marla commercial DC rate is 1760000/-

Dha phase 7 8 marla commercial DC rate is 3520000/-

LAHORE REAL ESTATE
EMAIL:INFO@LREPK.COM

Junaid replied on Monday, June 6, 2016 11:26 PM PST

Thanks LRE team

(74131)

AZD�

Sunday, June 5, 2016 08:21 PM PST

Reply:

test

Adrees� replied on Sunday, June 5, 2016 08:34 PM PST

Dear Salman A. please can you elaborate the how the Capital gain is calculated. is tax on gain or straight away on DC value of property at the time of transaction.
thanks

B A Rana� replied on Sunday, June 5, 2016 08:49 PM PST

"Gain" means profit.
If no profit no CGT.

CGT = (DC rate on selling date - DC rate on buying date) X 0.1

Aamir replied on Monday, June 6, 2016 04:00 AM PST

Can someone please explain what a DC rate is?

(74130)

Salman.A�

Sunday, June 5, 2016 08:13 PM PST

Reply:

AOA

As CMY has already explained about CGT i will not be adding details to it.

But Please try to understand what exactly has changed, Many people here think that 10% CGT was not present before and it is whole new TAX.

It was there since 2014 and only thing changed is the holding period.

Please look at the attached picture which gives accurate information about new taxes, WHT and CGT are presented for current period and proposed under filer and non filer. Please take some time to understand and then post questions.

Salman.A� replied on Sunday, June 5, 2016 08:24 PM PST

Sorry unable to upload the JPG image. I will type it here.

WHT ON SALE OF PROPERTY

FILER (current) 0.5% (proposed) 1%
NON FILER (current) 1% (proposed) 2%

WHT ON PURCHASE OF PROPERTY

FILER (current) 1% (proposed) 2%
NON FILER (current) 2% (proposed) 4%

NOTE: WHT is set to DOUBLE which can fully be adjusted in your income tax returns.

CGT ON SALE OF IMMOVABLE PROPERTY

CURRENTLY

10% if SOLD within the first year
5% if sold between 1-2 YEARS

PROPOSED

10% CGT FLAT RATE for up to 5 years

Note: people who have bought properties within this fiscal year and who are panicked to sell their holdings before 30th June will have to give 10% CGT as per old RULES, if they wait and let the market absorb the news of taxes they still will be paying 10% CGT. Basically nothing has changed for short term investor. only WHT will be doubled.

I dont see any major drawbacks in property with these taxes.

And please if your property rate has doubled in past 1 year it wont hurt paying few lacs to Government as Taxes. Besides taxes are on DC value not your actual tradable value.

I wish best of luck to the investors.

B A Rana� replied on Sunday, June 5, 2016 08:48 PM PST

"Gain" means profit.
If no profit no CGT.

CGT = (DC rate on selling date - DC rate on buying date) X 0.1

Ali replied on Sunday, June 5, 2016 09:21 PM PST

@ Salman
Previously we have Stamp Duty, CVT, Advanced income tax and CG tax.
What is WHT ? Was it available previously?

Salman.A� replied on Sunday, June 5, 2016 10:33 PM PST

Every Time we sell our property within first two years, we pay CGT. It is calculated at DC rate. Basic formula to calculate CGT is as follows.

10% of the capital gain or 2% of the recorded value at the time of sale, whichever is higher

Usually within 1 year DC values are not revised so we pay 2% of DC value as CGT and this is what most of us are paying even TODAY.

Mr B A Rana is not correct in his calculations. There will always be CGT. Government is smarter than us.

Abdal� replied on Sunday, June 5, 2016 11:19 PM PST

@Salman. You have elaborately described the matter at hand. However, for further clarity will you be able to advise. 1) whether iCGT is a federal or provincial tax 2) will it be possible to quote the relevant legal provision wherein you are of the that CGT would be higher of 10% of gain or 2% of recorded sale value 3) recorded sale value is the value on ehich agreement is signed / market value on which transaction is done or value on which duties are paid ( normally DC rate), this refers to the case where there may be a difference between the two.

SIM replied on Sunday, June 5, 2016 11:33 PM PST

Thanks Mr Salman. You have been great help.

Maqsood replied on Monday, June 6, 2016 12:53 AM PST

You said "10% of the capital gain or 2% of the recorded value at the time of sale, whichever is higher" But as per page 32 of official text of budget speech nothing regarding 2% is mentioned. http://www.finance.gov.pk/budget/budget_speech_english_2016_17.pdf

NT replied on Monday, June 6, 2016 03:55 AM PST

One can find further detail of Capital Gains on disposal of Immovable Property in following sections of IT Ordinance:

Definitions: SECTION 37

Rates: THE FIRST SCHEDULE - PART I - Division VIII

Jameel Mughal� replied on Monday, June 6, 2016 04:37 AM PST

these are 2014 Rates, Actually due to under reporting of gain, Govt is implementing 10% on gain or ?? [ must be be 4 to 5%] of DC rate whatever is higher, More details are still to come

see the draft of 2014
Sr. No. Description Rate
1. Sale within one year of acquisition 5% of the capital gain or 2% of the recorded value at the time of sale, whichever is higher
2. Sale between more than one but within two years of acquisition 4% of capital gain
3. Sale between more than two but within three years of acquisition 3% of capital gain
4. Sale between more than three but within four years of acquisition 2% of capital gain
5. Sale between more than four but within five years of acquisition 1% of capital gain
6. Sale after five years of acquisition No tax.

NT replied on Monday, June 6, 2016 05:26 AM PST

Capital Gains on disposal of Immovable Property is an overlapping subject between Federal & Provisional Govt.

As per Income Tax Ordinance Rate is 10% of Capital Gain(Sell within 1Year) & 5% of Capital Gain (Sell after one & before two years) & no tax if sell after two years.

However currently CGT is charged based on Punjab Finance Act that is 2% of DC rate (sell in one year) and 1% of DC rate (1-2 years) and zero after two years to "avoid the complications of accurate calculation of Capital Gain on Transactions".

Please correct me if my understanding is wrong.

(74129)

Nabeel�

Sunday, June 5, 2016 07:41 PM PST

Reply:

Which is the most safe society in Lahore?

There are a number of prestigious societies in Lahore.

But which is the most safest society in terms of personal safety? :-)

Hhhhh replied on Sunday, June 5, 2016 07:45 PM PST

GHQ

Lahori� replied on Sunday, June 5, 2016 07:52 PM PST

In my view Fazaia

Nabeel� replied on Sunday, June 5, 2016 07:54 PM PST

I've heard its Bahria Main & Bahria Orchard.

Is it true?

NT replied on Sunday, June 5, 2016 07:56 PM PST

EME & Fazaia-1

Ahsan replied on Sunday, June 5, 2016 08:24 PM PST

Bahria Town Canal and Orchard.

gauhar replied on Sunday, June 5, 2016 08:59 PM PST

bahria town

NM CH replied on Sunday, June 5, 2016 09:08 PM PST

Askari X New Airport Road is the best of all regarding all issues.

Muhammad Ramzan� replied on Sunday, June 5, 2016 09:19 PM PST

EME

Z.F replied on Sunday, June 5, 2016 09:35 PM PST

Sukh chayn and EME

Naveed@786� replied on Sunday, June 5, 2016 09:36 PM PST

Bahria Canal and Orchard is safe. DHA EME and Sukh Chain also good for living in peaceful safe environment. Lahori better know these societies. No doubt about it.

Ashfaq� replied on Sunday, June 5, 2016 09:55 PM PST

DHA EME is the best for living. Now, no load shedding in DHA EME.

humair replied on Sunday, June 5, 2016 09:56 PM PST

Eme dha

Hadi replied on Sunday, June 5, 2016 10:15 PM PST

Without any doubt bahria town. Safest + commercial activities + Educational point of view. Bahria is matchless.

Adeel replied on Monday, June 6, 2016 12:05 AM PST

DHA EME if you have budget of 25 Mil +
Fazaia 1 is next with lower budget but little distant and less populated at the moment

shah replied on Monday, June 6, 2016 01:02 AM PST

engineers town sec b

Ch Khalid UK� replied on Monday, June 6, 2016 06:55 AM PST

Dear Ashfaq SB, Will you please through some light for me what arrangement has been done by eme to cater for load shedding. Regards

User_1671� replied on Monday, June 6, 2016 10:30 AM PST

DHA EME Sector

Ch Khalid UK� replied on Monday, June 6, 2016 04:51 PM PST

@Dear Ashfaq Sb, Salam, Thank you very much for updating. 1st of all Ramazan Mubarak to you and to all brothers. Nice to hear for sorting out load shedding problem in DHA EME.

Aa replied on Monday, June 6, 2016 05:46 PM PST

cantonment

Shahzad� replied on Monday, June 6, 2016 11:41 PM PST

As per my experience , Bahria Canal, I am living there from almost last 4 years and never regret the decision moving to Bahria. Good Society to live.. sector B and C are recommended.

salman679 replied on Tuesday, June 7, 2016 09:05 AM PST

EME Society

(74128)

kashif_khan

Sunday, June 5, 2016 06:55 PM PST

Reply:

Property Tax DC Value Diff

The problem is if you are selling at DC value then you will not be able to justify the actual selling price and DC value difference.

Your plot selling DC Value:40
Actual selling price: 100

How you will justify the remaining 60? Now FBR has started tracking thru bank channels. Will you take the risk of cash?

Isnt it a bigger problem?

(74127)

Sahir

Sunday, June 5, 2016 06:41 PM PST

Reply:

DHA Bahawalpur 2 kanal residential and 4 marla commercial on installments launched. Today DAWN front page.

MM replied on Sunday, June 5, 2016 07:24 PM PST

http://epaper.dawn.com/Advt.php?StoryImage=

Salman replied on Monday, June 6, 2016 01:53 AM PST

What will be the development charges on the 2 kanal plot?

Faheem replied on Monday, June 6, 2016 03:12 PM PST

90 lacs for 2 kanal seems overpriced

(74126)

R.Rashed

Sunday, June 5, 2016 06:39 PM PST

Reply:

Price assessment

Ad Type

City

Scheme

Phase

Block

For Sale

Lahore

Dha

Prism

Dear LRE BROTHERS.... Good day..plz evaluate
DHA...prism.9.......B-186
Thanks a lot

LRE� replied on Monday, June 6, 2016 08:16 PM PST

Dear Sir,

Prism near B 186 can be sold around 1 crore included 1st installment paid

SALMAN MAQSOOD
+923224009967
LAHORE REAL ESTATE
EMAIL:INFO@LREPK.COM

(74125)

MALIK28�

Sunday, June 5, 2016 06:34 PM PST

Reply:

New Taxes on Property

Dear CMY
Please educate us on the imposition of tax in the budget spec Capital Gain Tax (CGT) and its effects on seller as well as purchaser.
Best regards

(74124)

Phase 6 & 8

Sunday, June 5, 2016 06:17 PM PST

Reply:

Dear LRE Team,
What is DC rate of 1 kanal plot in Phase 6 and Phase 8. Thanks. :h

LRE� replied on Sunday, June 5, 2016 09:29 PM PST

Dear Sir,

DHA Phase 6 DC rate 49 Lacs
DHA Phase 8 DC rate 33 Lacs

More information Plz Content

Khadim Hussain
+
LAHORE REAL ESTATE
EMAIL:INFO@LREPK.COM

(74123)

jiyamano

Sunday, June 5, 2016 05:22 PM PST

Reply:

Ad Type

City

Scheme

Phase

Block

Plot

Size

Road

Cur. Rate

lahore

dha

722

i kanal

Assalam o alakum,
Kindly give me average price of DHA Phase 8 Block T near 722.
Also there is reserved area in front of this plot.is there is any possibility Of grave yard IN Future in reserved area?

is it better to hold that property of just sell it??

Thanks

LRE� replied on Sunday, June 5, 2016 05:37 PM PST

Dear Sir,
Your plot Near T-722 Worth is around 185 Lacs
More information Plz Content

KHADIM HUSSAIN
+
LAHORE REAL ESTATE
EMAIL:INFO@LREPK.COM

(74122)

User_P0988�

Sunday, June 5, 2016 05:09 PM PST

Reply:

Sale of 25 acre agri land on kasur road

Any one interested to buy 25 acre good agri land with good approach from main road.

overseas replied on Sunday, June 5, 2016 05:11 PM PST

what is the price per acre

(74121)

MALIK28�

Sunday, June 5, 2016 04:02 PM PST

Reply:

New Taxes on Property

Dear CMY
Please educate us on the imposition of tax in the budget spec Capital Gain Tax (CGT) and its effects on seller as well as purchaser.
Best regards

Waseem� replied on Sunday, June 5, 2016 05:42 PM PST

As per news its seems it will 10% Gain tax which has to be paid by seller as done in all property deals. 10% Gain tax means 10% tax on profit for a property sold within 5 years of purchasing.

(74120)

AhmetKildir�

Sunday, June 5, 2016 03:43 PM PST

Reply:

Finally some gains in DHA Gujranwala

DHA Gujranwala 10 Marla prices have jumped from 16 lacs in December 2015 to 22 lacs as of today. I believe LRE hasn't updated with the latest prices yet. Anyhow, still a lot of gains expected here in the next 24 months. Hold your investments here. Recommended!

Fakher Khan replied on Sunday, June 5, 2016 04:13 PM PST

Ahmet , what about kanal file rate of today?

Sahir replied on Sunday, June 5, 2016 04:52 PM PST

Ahmet , any idea , what is today's kanal price?

K.H replied on Sunday, June 5, 2016 05:54 PM PST

Another more huge jump is expected in jan 2017

Faiz� replied on Sunday, June 5, 2016 09:29 PM PST

Dear
Near future no jump or any news from dha gw,until dha will not start any development or at least any announcement.
so do not waste time & money.
just try lot of other option,
when time will come, u will know by CMY and forum member
best of luck

Babar Nazar Awan� replied on Sunday, June 5, 2016 10:45 PM PST

can anyone update 1 Kanal file DHA Gwa?

Novice replied on Monday, June 6, 2016 04:23 PM PST

i think 1 kanal is around 29-30.

(74119)

CMY

Sunday, June 5, 2016 03:13 PM PST

Reply:

Dear friends we have made some changes to speed up this website site and to restore its very useful powerful search function for entire past 13 years history in next few days.

You should see noticeable speed improvement. Some issues may be faced during this process . Need your help if you see any unusual thing please inform me.

ButtSaab� replied on Sunday, June 5, 2016 03:21 PM PST

Sir,

You need to improve outlook of this discussion page as well, its way out dated.

Sheikh_at� replied on Sunday, June 5, 2016 03:37 PM PST

To many errors while posting. Pl also correct this

(74118)

Sunday, June 5, 2016 02:58 PM PST

Reply:

Please if you can evaluate Phase 8 Sector S plot 499.

Thanks

LRE� replied on Monday, June 6, 2016 02:25 PM PST

Dear Sir,

Phase 8 near S 449 is around 180 to 185 lacs

KHADIM HUSSAIN
+
LAHORE REAL ESTATE
EMAIL:INFO@LREPK.COM

(74117)

MALIK28�

Sunday, June 5, 2016 01:59 PM PST

Reply:

New Taxes on Property

Dear CMY
Please educate us on the imposition of tax in the budget spec Capital Gain Tax (CGT) and its effects on seller as well as purchaser.
Best regards

Maqsood replied on Sunday, June 5, 2016 02:25 PM PST

I also want to learn about this although CMY sb has already explained this.
Let me give an example and please correct me if I am wrong.
Today I bought a 1 kanal plot in DHA Lahore worth 10 million rupees. However DC rate for that plot in today's date is 4 million rupees. If I'll sell this plot after 5 June 2021, there will no CGT. However if I'll sell this plot on 5 June 2020, say real plot price is 20 million rupees. I have to check for DC rate for that date. Say its 4.6 million rupees. I'll pay 10 percent of 0.6 million (4.6 mil -4.0 mil) which is 60,000 rupees.
If its true, then keeping in view that DC rates are normally much lower than actual market price, one wont pay very high CGT.

Salman replied on Sunday, June 5, 2016 02:31 PM PST

What is the current Capital Gains tax rate?

Is it not already 10%?

Sachaadmi replied on Sunday, June 5, 2016 02:37 PM PST

Logic of CGT is very simple , don't sell PLOT before 5 years if so then pay 10% of DC value.
For example: 1 kanal PLOT in Phase 8, DC rate is 33 lacs so we have to pay CGT = 3 lacs and 30 thousand if u wanna sale PLOT before 5 years.

Maqsood replied on Sunday, June 5, 2016 02:41 PM PST

@Sachaadmi...I dont think this tax is on absolute price but on the difference aka "Capital Gain".
CGT formula is (Selling DC rate - Buying DC rate)*0.1

Boy� replied on Sunday, June 5, 2016 02:54 PM PST

Maqsood you explained it totally right !

MNQ replied on Sunday, June 5, 2016 03:47 PM PST

what about the file and non filer tax percentage that has been doubled

SIM replied on Sunday, June 5, 2016 03:54 PM PST

How can overseas Pakistanis avoid this non filer tax? Has there been a withholding tax on property and rentals also?

tahir replied on Sunday, June 5, 2016 04:02 PM PST

I think DC rates are value of property announced by Govt. So there is no selling and buying DC rates

So 10 % flat tax on DC rates will be deducted

I think after 30 June this should be 4 lac flat on selling of one kanal prism plot

Irfan UAE� replied on Sunday, June 5, 2016 04:15 PM PST

What is this DC rate, please some one can explain?

Maqsood replied on Sunday, June 5, 2016 04:55 PM PST

@tahir Let me make this easier for you.
"Gain" means profit. It means no profit no tax. It is a tax on profit only. Simple!
CGT = (DC rate on selling date - DC rate on buying date)*0.1
Can't make it easier than this.

User_P1876� replied on Sunday, June 5, 2016 05:17 PM PST

Maqsood is absolutely correct.

Other ones Guys , please do not confuse a very simple thing - which is capital gain Tax , its only on Gain/Profit , not on actual value

kashif replied on Sunday, June 5, 2016 06:52 PM PST

The problem is if you are selling at DC value then you will not be able to justify the actual selling price and DC value difference.

Your plot selling DC Value:40
Actual selling price: 100

How you will justify the remaining 60? Now FBR has started tracking thru bank channels. Will you take the risk of cash???

IM786� replied on Monday, June 6, 2016 01:04 AM PST

Yes Kashif sb. This is the big problem. In that case 60 lac will be black money. Also buyer and seller both have to agree to show less value. Also Maqsood sb you said nothing is changed. Dear taxes has been doibled as mentioned by you.