Lahore: Excise and Taxation Department has imposed a tax on the owners of empty plots at 10% of the value of property in the area their plot is located in if they have owned the plot for two or more years, according to a news source.
Reportedly, lists are being prepared with ownership details of all empty plots in order to claim tax on the specific property
User_6006® replied on Tuesday, July 12, 2016 03:14 PM
Yani hr trf se ptaeee awam ki ke long rkho phr tax , short rkho phr tax is lya rkho he na |
Asad-Ali replied on Tuesday, July 12, 2016 03:50 PM
Mr SIM, Please do not spread fake rumours, (its not 10% but around 25,000 PKR once a year) and better to use register IDs. |
User_14695® replied on Tuesday, July 12, 2016 04:13 PM
Asad-Ali sahib
25000 thousand Per year tax on ( kanal ,10 marla , 5 marla) plot plz mention plot size. |
Mrs imran replied on Tuesday, July 12, 2016 04:18 PM
I have 2 plots but I don't have possession, to mera kia ho gaa koi tax lagy ga ya after possession lagy ga???? |
Asad-Ali replied on Tuesday, July 12, 2016 05:45 PM
on non-possession plot, this tax does not apply.
infact all plots which possession was given after 1st july 2014, no tax for year 2016-17 |
Asad-Ali replied on Tuesday, July 12, 2016 05:46 PM
dawn. com/news/1268759
they have divided cities into categories, Category A, B and C.
in case of category A, its 4.60 RS per square feet i.e (4500*4.6 = 20700 RS) per kanal
whereas in category C, its 1.64/sqftt (7380 RS per kanal) |
Arif M® replied on Tuesday, July 12, 2016 06:04 PM
After the survey, the actual price of the land will be determined by the department as per market value of the area. he said.
What is the purpose of doing this ?? |
Asad-Ali replied on Tuesday, July 12, 2016 06:15 PM
Actual Price of the land evaluation has no connection with vacant/empty plot TAX.
actual land evaluation is only for Capital Gain Tax (separate Issue discussed many times at LRE forum) |
MIT® replied on Wednesday, July 13, 2016 12:23 AM
test |
Arif M® replied on Wednesday, July 13, 2016 02:17 AM
Asad Ali, that is why I am asking why they will be doing actual price assessments. Please read the article. I copied this from news article. I don't understand why they would do actual price evaluation. Don't we have separate companies for that purpose as list given by sbp. So why provincial govt is trying to find out actual values? Pleas check news article. |
ShahzadQamar® replied on Wednesday, July 13, 2016 03:28 AM
This tax is almost negligible value i.e. 21,000 on category A 1 Kanal possession plot which is almost 0.1% to 0.3% of plot value (ignorable in comparison to plot annual appreciation). |
AHMAD HASSAN® replied on Wednesday, July 13, 2016 06:07 AM
This will slow annual appriciation, now all potential buyers will be thinking that prices will go down and they will hold their investments. Definately there will be a selling pressure. All major investors will move money in other sectors till things not clear. And that was agenda of this policy. |
SIM replied on Wednesday, July 13, 2016 06:24 AM
Dear Asad, I have tried to post the link for this news multiple times but it is giving error. I also wish this news to be false. |
ShahzadQamar® replied on Wednesday, July 13, 2016 12:44 PM
Selling pressure due to introduction of 0.1 to 0.3% of property value (1.5% on 5 years holding) does not seem logical to drop prices beyond 1.5%.....but yes CGT shall have impact but that too is not significant. |
