In Prism Lahore Ring Road part work started

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Congratulations FWO have started work on Lahore Ring Road in DHA 9 Prism J block. Entire 22 kilometers Lahore Ring Road southern loop part 2 to be completed at cost of Rs 24 billions in only 12 months time. InshaAllah



Video is available. Send me whatsapp message at + to get video of Prism J block FWO equipment working in field.



Choudry Mujahid Yasin

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:h

ANSWERS TO QUESTIONS RAISED POST # 83010

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Adil replied on Sunday, May 29, 2016 06:37 AM PST

Dear Sir,
Thank you very much for guiding us. I have one question. If I buy property from this money then do I need to pay any property tax. What about income tax if I invest this money in plots and then sale these plots and buy new one.

ANS:

Taxes are levied on buying and selling which obviously one has to pay. Selling your plot on profits incurs Capital Gains and it is taxed in Pakistan when you sell your property, but additional income from selling your property counts towards your income in Pakistan which at the end of the year is Taxable. Please consult a lawyer on these matters, as I am not an expert. I am only telling you what I have gone through. You are subjected to WHT 2% for non filers and 1% for filers which is adjustable in your tax returns. Lawyers usually play around with these taxes which are already paid and adjust your income according to that.

Pakistan� replied on Sunday, May 29, 2016 08:53 AM PST

about bringing money in laptop. One can bring upto 10,000 US dollar while travelling as per IATA standards

ANS:

Mr. Farhan has answered this question absolutely perfectly. I will copy/paste.

Farhan replied on Sunday, May 29, 2016 09:33 AM PST

Dear this 10000US Dollars is the amount which you can take with you from Pakistan as mentioned on airport also. From saudi arabia you can bring declared 60000 SAR with you without any information to airport airport authorities However you can also bring more SAR but in that case you have to declare what is the source of funds which you are taking with you. You can get your company certificate to justify this amount like you taken loan from company or bank etc.

UAE Investor replied on Sunday, May 29, 2016 09:15 AM PST

I have been sending money to Pakistan from UAE on regular basis. I have made few investments in DHA, Bahria etc. Here is how I transfer funds:
I have joint account (me and my wife)Dirham currency account in United Bank Limited Dubai branch. Then I have an account in PKRs in UBL Pakistan.
I keep all my savings in UBL Dirham account and when I am planning to invest in Pakistan, I transfer the required funds from Dirham account to my UBL PKRs account in Pakistan. Money gets transferred within 1 hour. Let me tell you that UBL gives the best possible exchange rate and no service charges. So I get the maximum benefit with this arrangement.

However, what I am more interested in knowing is that what will be mechanism if I want to transfer UAE dirhams from Pakistan to UAE. What is the most cost effective, transparent and legal method???

ANS:

Please do get PRC from UBL and keep those for records. I have no idea about transferring money out of Pakistan, but(I think) as long as your money is white and you are sending money to blood relative its all fine. The same bank where you are holding your AED account can transfer.


NAM replied on Sunday, May 29, 2016 09:35 AM PST

But where is the answer asked in post # 82999? Still nowhere.

ANS:

You are SPOT on. Transferring money outside Pakistan is one the most difficult thing you will encounter. Bringing in the money is easy taking it out will be difficult. First of all you should have your Tax records straight and the amount which you are sending should be justified from your TAX returns. Secondly, any USD based account in Pakistan can be used to transfer money abroad. Bank will require proofs and documentation from where the money is coming from and where you are sending. If you go to EXCHANGE companies they will only transfer to blood relatives. It is best to ask your lawyer who handles your tax returns.





Mustafa replied on Sunday, May 29, 2016 09:44 AM PST

I really like the way you have explained everything in detail for investors. May Allah reward you for your effort. I confirm that everything you detailed here is exactly how it is supposed to be and this is how I manage my funds to maintain a legal record of everything. Good day!

ANS: Thanks you for your appreciations

Syed ANZ replied on Sunday, May 29, 2016 10:20 AM PST

JizakAllah SA brother for the guidance,

Just one question, you mentioned that when we overseas become filers then no WHT on property, car, cash, bank transactions etc. Is it really no WHT for us after filing or will it reduce from 0.6% to 0.3% etc.

ANS:

When any person becomes a FILER certain restrictions are lifted. For example when you buy property filers will pay 1% WHT where as non filers will pay 2% WHT. This Gap is going to be widened in the upcoming budget. WHT is applicable on DC Value of property. Same is the case with NEW car purchase WHT is lower for filers and double for non filers. Cash withdrawal for FILERS will be 0.3% and non filers 0.6%. CHQ , PO, or online TRANSFER will not have any WHT on Filers and 0.6% for non filers.
As we are discussing property here and usually we pay through PO. Filers will be saving 0.6% on money transferred Plus 1% WHT on property DC Value. It is worth to become a filers SPECIALLY for overseas.


Omran replied on Sunday, May 29, 2016 10:34 AM PST

What is PRC stands for ?
Is it a receipt or kind of certificate issued by the bank ?
What if I want to get last three years PRC ? Is that possible?
I have complete record of foreign transaction from Saudi Arabia to Pakistan e.g ( quick pay, Speedcash and telemmoney etc)
Note:Me and my wife both are sending remittance in one account Last year I have visited STandard chartered bank in Pakistan and bank PR officer told me that they cannot issue PRC as amount transfered in my a�count is done via cheque and they cannot recognize it as foreign remittance?
What kind of documents I need to produce before bank to receive PRC?

ANS:

Mr. Ahmad has answered what PRC stands for. Thank you. PRC is “Proceeds Realisation Certificate” issued by the bank which brings in your foreign remittance into Pakistan.

You can get PRC from the bank anytime you want. They have all the records. I got mine from HBL after 8 years. HBL charged me for older PRC. But within same fiscal year they are obligated to provide you with one.

Please ask quickpay speedcash telemoney about their banking partners in Pakistan. Once you know the bank you can send your receipts to that bank ( VIA EMAIL TO THE CONCERNED DEPARTMENT )which brought your money into Pakistan. That bank will send PRC to your branch where you will collect it. I have SCB account and they are least helpful in this matter. As money is transferred from local bank they don’t have any record of foreign remittance. And they will not ask the intermediary bank to issue PRC on their clients behalf. You have to do it yourself.

SA2 replied on Sunday, May 29, 2016 10:36 AM PST

Dear SA,
Thanks for your information . However I do not agree on one point that is if you send to your dollar account in Pakistan and then concert to PKR . how it become black money

ANS:

You have all the right to disagree with me. I have USD account in SCB Pakistan. I transferred in USD to my account. When I went to the bank for PRC they said we will not give me PRC unless you transfer USD into PKR through their OWN bank. Rate for USD in open market was 100 and bank was offering 95, after an hour of negotiations bank offered me 96 as their best rate. They only offered me a “CREDIT NOTE” which states where the money came from, but when FBR was contacted they refused to acknowledge the payment as foreign remittance and asked for PRC.

I only said if you convert dollars from the bank which HOLDS your USD, they will provide PRC. If you go after better rate and change from money changers no one will be able to give PRC which in turn will change your money to Black money.

kam replied on Sunday, May 29, 2016 11:19 AM PST

i have done my all transaction from Saudi Arabia to askari bank via fawari transfer and askari bank issued me a transaction number for each transaction. how can i get PRC while i am living in Saudi arabia?
wht is PRC.?

ANS:

I don’t know which bank fawari uses. Please ask them about Pakistani bank which handles their remittances. And Email the concerned department of Pakistani bank along with proof of sent receipt. They will send PRC to your branch where you can collect it. If Askari bank have given you transaction numbers and it was deposited into your account then ask Askari bank for PRC of each amount transferred into your account.

PLEASE Note that money received as CASH will not be claimable as white money in FBR tax returns.

Hassan replied on Sunday, May 29, 2016 01:53 PM PST

@SA. For Non resident Pakistani,your taxable income is NIL. But please guide do you have to declare the income earned overseas and do you have to file a wealth statement also when you file your income tax return.

ANS:

Yes you have to file a wealth statement along with your income tax returns. All your properties will be showing in your wealth statement.

Thanks to all other people whom i did not mention. JAZAKALLAH.

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Hello friends.

Any news/update about Bahria Green Valley. I've paid all the installments for my 10-M plot but still, have no clue what will happen next.

Any news/update would be highly appreicated.
Thank you

Dawood Residencia

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I want to know about the recently announced project of Dawood Residencia on Defence road 1 km away from shahkam chowk.This society is small around 450 plots on main defence road.This society is also connected from Jublie town from back side.I think many people dont know about this society even i dont know about this society,i came to know today about this society on my visit to expo center (property show).
Price of
10 marla on 60 feet road is 70 lac
5 marla on 35 feet road is 32.5 lac approx

So anyone who have visited this society and his comments and experts please share there expert opinion about this society.Society is saying that they will give procession in next 6 months as its a small area and development is on fast track.Experts i want your golden words about this society future prospects
Thanks
God Bless you.

Ahmet Kilder sb.

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Dear Ahmet Kilder sb. Its been long time not seen any of your valuable advice or comments from your side on this respected Forum. The only thing to post this post is to confirm about your health. May Allah bless you give good health Ameen.

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LRE Plz evaluate F723 1 Kanal of dha prism

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Hi, i would like to make an investment of 4-5 million in dha phase 9,is it a good opportunity for short term investment? Any suggestions??

5825

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Dear property experts
Is it worth to buy DHA MUltan file know or should wait for some time?

Price evaluation PRISM

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Please evaluate Prism near F-693.

Dear CMY please update dha multan 1 kanal rate

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Dear CMY please update the file rate of dha multan 1kanal file today. I have missed the train, Wil there b a chance to catch it?

CMY

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I was wondering CMY lives in the US... What does he do there if he runs a business in lahore?

Just a thought :P

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Price of 10 marla in Bismillah housing schemeis 40 Lac (In developed blocks)?how accurate is that

For Sale @ UPN, and Buying Requirements

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<=== Latest UPN Inventory: 29 May, 2016

:1) :1) :1) :1) :1) :1) :1)

For Buying/Selling in Bahria Town, Please Contact:

Waqas Naseer
Mian Zeeshan Rasool
Bilal Shamim
Rana Adnan Mudassar
Iftikhar Ahmad

Shahid Yousuf
M. Saleem CH.
Muhammad Roshan
Nouman Ahmad
M. Imran Ch.
M. Nabeel


Best Regards,
Universal Property Network
(affiliated with Lahore Real Estate)
https://www.lahorerealesate.com
https://www.lahorerealesate.com/Ads
22 A, Main Boulevard Commercial
(In Front Of Roshaan Center, Near Green Pharmacy)
Sector C, Bahria Town, Lahore

+ (Whatsapp Text)
email:
http://www.ourupn.com

:1) :1) :1) :1) :1) :1) :1)

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Dear UPN Team
AOA
Whats current market rate of 49-J
Thanks

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DEAR LRE

AOA

Kindly evaluate the latest market price of the following one kanal plots of Prism Phase 9.

N-564
H-119
B-801
L-189
M-782


Thanks.

IN RESPONSE TO POST #82999 ABOUT REMITANCE

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I am amazed how ignorant people are about REMITTANCES and LEGAL WHITE MONEY IN PAKISTAN. I have lived in Saudi Arabia for 10 years and still visit on and off.

99% of people in Saudi don’t have a clue how to handle their money in PAKISTAN. ( legally )

Most of the people in Saudi send money to Pakistan to support their families though WU, Banks or any other channel. These people don’t need any remittance records as the money is spent on necessities.

But Investors who want to invest in Pakistan need to maintain proper Record in Pakistan for their REMITTANCE to be declared " WHITE MONEY "

let me give you few examples where your HARD EARNED HALAL money is considered black in PAKISTAN.

1. You are travelling to Pakistan and greed comes over you. You put 1 lac Riyals in your laptop Bag and bring the money to Pakistan, convert the money through money changers and buy a plot or put in your bank. ( People do this thinking that their money is HALAL so no one will question them ). PAKISTAN CONSIDERS THIS MONEY BLACK.

2. You transfer your money into your XYZ relatives account and you pay from his account.

3. You send Dollars to your USD account in PAKISTAN , Invite money changers in the bank, convert your cash in PKR and deposit back into your account. ( PAKISTAN CONSIDERS THIS BLACK MONEY )

these are just few examples which people do with their money. there are many more.


NOW LETS COME TO THE POINT , HOW CAN YOU DECLARE YOUR MONEY WHITE OFFICIALLY RECOGNIZED BY PAKISTAN AND FBR.

1. Open a bank Account in PKR in PAKISTAN. I USE UBL because SABB uses UBL as their remittance partner in PAKISTAN. YOU need to know which bank is in partnership with your Saudi Bank.

2. SIMPLY USE AL RAJHI to transfer your money or use your online SABB account to transfer money to UBL. If you are sending money through SABB to UBL account, the money will be deposited within 3 days with all the details of your transaction. If you use SABB to transfer money into any other bank, it will reach UBL KARACHI and then UBL KARACHI will issue a LOCAL PO which will be deposited into the bank which you have mentioned. ( NO record of remittance will be shown )

Note: Rajhi mostly uses HBL to process remittances.


3. When you receive money in PAKISTAN, You should have TT number or reference number with you, Along with scanned copy of Saudi bank voucher or money changer voucher. Go to your UBL branch and ask them to ISSUE " PRC" against your remittances. Your branch will make an application and you will sign it , they will scan it and send to the concerned department over email. After few days or even weeks with continuous follow ups eventually your PRC will arrive and you can collect it.

THIS PRC IS ONLY THING WHICH IS ACCEPTABLE and FBR ACKNOWLEDGES as FOREIGN REMITTANCES.

I have explained small details about UBL. procedure varies between different banks. BUT Keep in mind you need PRC certificate to legalize your money.

Lastly do not send money in USD in Pakistan. Because if you change USD to PKR from bank itself you will loose lots of money as their exchange rate is very poor ( they make lots of money by converting into PKR ) and the only way to get PRC from bank for USD is if you use banks services. if you withdraw USD and use local money changer , NO one will issue PRC and FBR or the GOVT. of PAKISTAN will not recognize your remittances as legal.

ALL this is for people who are investing in Pakistan. Money which is being used for necessities do not need to go through all this procedure.

ONE LAST THING

Overseas people who want to avoid paying 0.6% WHT on their bank transaction must file their income tax on yearly basis.( HIRE A LAWYER WHO WILL DO ALL THIS ON YOUR BEHALF FOR A VERY SMALL FEE of around 10-15 thousand ) As soon as you file your return you will be automatically updated as " FILER" STATUS and no WHT will be applicable on you when you buy a property, CAR, CASH withdrawals, BANK transfers etc. etc. All the money which you are sending to Pakistan is exempted income. There is no income tax on your foreign income which you are sending to Pakistan. All overseas will declare their income as foreign remittances and declare their assets. You will return a NILL income tax return with all your assets and money LEGAL.

I request all overseas to go through these procedures again and again as i myself have gone through all of this ( I learned it the hard way with no one to guide me) so i want other people to benefit. These are just simple steps with no extra money involved, just some paper work and all your money and assets will be legal.

I am willing to give answers to all of your questions which will help you legalize your money in Pakistan. Please forgive me if I am wrong some where. Whatever I have written is a personal experience and may vary from one individual to another.

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Please evaluate phase7 plot number 35V.

Thanks
Fahim

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Dear UPN

Pls evaluate 763-J

Thanks

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Can you please tell me the market value of my plots 1352jj and 1422jj 5 marlas in 9 prism?thank u