Jameel Mughal sb. is right, there is no clarity whether 2% of the recorded value or 4% of the recorded value will be charged. Let the details come to us.
MR NT
you are right currently we are paying 2% within first year and 1% within 2 years
No one calculates actual GAINS in property for taxation purposes. Its all fixed and handled by the dealer and it is ALL LEGAL.
ALL in ALL we will have to pay little higher taxes when we sell or purchase a property. On the other Hand Property is the most lucrative business in Lahore as of now. Everything you do is legal, safe, and you pay your taxes. A very clean business compared with other business opportunities in Pakistan ( which are rare now a days )
As an investor i am looking at my gains at the end of the day. I don't care what i have to pay to the government or the society or the commissions etc etc. As long as i am making money i am willing to pay taxes and all other expenses attached with sale/purchase of property.
As an ordinary man i will be looking towards safe property transactions where my money is safe and secured and eventually will gain over a period of time. I will not worry about taxes or transfer fee or commissions.
Buying property have always been a safe practice in our region, where there is house shortage and people are moving from joint family to single family system at very fast speed.
Don't worry about TAXES on property. Lahore is one of the few places in the world where property have been appreciating at astonishing rates.
In a long RUN property is going to be the KING. ( by long run i mean 10 years )
Arif MŽ replied on Monday, June 6, 2016 01:05 AM
I have investments in property but it will be unfortunate for Pakistan if Govt does not impose more taxes on property to shift investment towards industry which generates lot more jobs as compared to property. The way things are going I am expecting next govts to increase more taxes on property coz that's the only way they can revive manufacturing sector. Thats my personal opinion which you can disagree with. |
Habib replied on Monday, June 6, 2016 06:56 AM
I can tell you from my experience no reporting will be done as people will always do under reporting of gain, It will be implemented as fixed tax as CVT or stamp duty. And will be a requirement before transfer as we fulfill all, the Only thing is seller will pay and 10% Figure is just to keep room for bargain, Looks it will be 4 to 5% of DC value |
