Jameel Mughal® replied on Sunday, July 3, 2016 04:10 PM
It is very easy, you can prove that Plot # 1 was purchased with Foreign remittance, and Was Sold in This Much Money [You must have Copy of sale deed,also called full payment receipt on stamp paper. with Pay order Copy which you received from the buying party] and then you can tell my money has been growing Like this, If you did not keep any of these which is near impossible then you can be in trouble. Still You may get in touch with bank to track the pay order transaction.
In case you received major amount by cash then you will in trouble.
Coming to other question till date, FBR is picking random cases they send you a notice and you prove the source of Money, However if you want to be a Filer and declare all your assets then trouble will be solved for ever, Though you will have to update the Filing every year.
The Whole concern at this point is that other than random pick up any new transaction in property will be automatically in the priority of FBI Probe, Both parties will be questioned to prove the source, this will decrease the number of transactions and slow down the business, people will not lose by paying few more lacs of fees but this issue will reverse the price growth. Seller may give only 5 lac Gain tax but get 20 Lac less value of Property though both patties have all white money
Try to understand last papgraph |
