Salaam brothers,
Can you please guide how CGT shall be calculated on below example.
My father bought a DHA plot 6 years back. Last year I inherited that plot and got it transferred in my name via Hiba transfer. If I sell that plot now, how shall CGT be calculated.
Thank you all brothers
Syed
Jameel Mughal® replied on Wednesday, July 6, 2016 02:03 PM
Details will come with in one month |
Abdal® replied on Wednesday, July 6, 2016 03:41 PM
User-1745. Need not to worry as for you the inherited price of the plot will not be zero but would be the fair market value of the inherited plot on the day of inheritance with will be just one year back. Refer to section 37(4A) of income tax ordinance. So as per law the capital gain would be 10 percent of gain; difference of fair market at inheritance minus fair market at the sale date. Cheer up as you got a desirable advise and that too free!!! |
Aseem Mumtaz replied on Wednesday, July 6, 2016 04:03 PM
Sir...in case your plot was bought more than 5 years, it would not be subjected to any CGT.... |
User_1745® replied on Wednesday, July 6, 2016 05:39 PM
Thank you all brothers for valuable comments.
JizakAllah
Syed |
masifjamil replied on Saturday, July 9, 2016 06:39 AM
In my opinion its not a case of more than 5 years old as the plot was transferred last year.
It may be interesting to know the value at which the said plat has been shown in your wealth statement. In case it was market value, as suggested by Mr. Abdal, there may be nominal gain. In case plot was not shown in the wealth statement all all, or the vale shown was the cost / DC rate etc. the gain would be substantial and so would be the CGT.
Please share your case for more feed backs |
Common Man® replied on Sunday, July 10, 2016 09:02 AM
SINCE COST OF ACQUISITION WAS ZERO, ETIRE SALE PROCEEDS AT MARKET VALUE WILL BE SUBJECT TO 10 PERCENT CGT.
THATS THE FACT. |
User_1745® replied on Monday, July 11, 2016 08:33 AM
@ Common Man
Is this your FACT :) or you have any reference. |
