Assalam o Alaikum
I have a question for experts. CGT is applicable upto 5 years now. I plot is sold after more than 5 years then
a. Is this capital gain considered as non taxable income just like agri income?
b. Where in return to show this income?
Many thanks in advance
Jameel MughalŽ replied on Saturday, June 25, 2016 09:53 AM
Still Tax is not implemented ,
Yes If you are selling after 5 years of Holding no gain tax will applicable though gain can be 200%. It mainly focuses on the short term traders not true investors. |
saima replied on Saturday, June 25, 2016 10:19 AM
Is it true for files too balloting or no balloting? |
StockeeŽ replied on Saturday, June 25, 2016 11:07 AM
@ Jameel Mughal
Sir thank you very much for response
While filing IT return, where this gain/income to be shown? |
Jameel MughalŽ replied on Saturday, June 25, 2016 05:51 PM
all taxes on allocation files will be as plots. Affidavit files will not get Tax. [it does not mean affidavit is better this is long detail and mentioned many times before] |
