Adnan_Ali® replied on Thursday, June 30, 2016 08:23 AM
Malik, currently till 30th June all taxes CVT/StampDuty/Membership Fee were supposed to be paid by Buyer and Seller does not pay any thing except soceity old dues if any.
Now after this Capital Gain Tax 10% on net profit (if you bought the plot in 28 lakh and you can provide document bank statement/PO copy to SBP and make prove that you bought the plot in 28 lakhs, so your profit is 7 Lakhs (35 - 28), in this case you would be asked to pay 70,0000 PKR as Capital Gain Tax.
A lot of people are making confuse to others by saying that seller have to pay 10% of Actual value, they are wrong.
Of Course this CGT is in case of Profit, if you are selling in loss, no CGT applies. And in case of Selling after 5 years, no CGT will applies.
In my opinion, it discourages to local short term small investors/dealers who are running their kitchen with their savings and profits, Dealers will keep continuing Biana/Open File System but their commission based income will reduced a lot due to less number of transactions (If some dealer previously was doing 100 deals a week, now he will hardly get 10-20 deals a week).
Since Foreign Investors are mostly long term who mostly do keep shuffle their assets in Real Estate by taking in/out from some certain society/phases but do not take out money from this Real Estate market. now they will stick to their portfolio for some longer period.
Summary, its loss-loss scheme for all players (Govt will get less Tax amount in volume, less foreign remittances for Govt, dealers will get less deals/less commission, New Buyers will move to Gold (no tax , no documentation, no white money/black money issue) instead of RealEstate and Seller (if not needy) will sleep until those stupids who made this policy/law comes out of his sleep and undo this foolish step. |
