Dear All,
Can anyone clarify pls
If I buy a property today, the new fair value FBR rate will apply. I sell the same property next month, since the FBR rate will remain the same, how will the gain be calculated in order to calculate capital gain tax?
HassanHC® replied on Sunday, July 31, 2016 04:25 AM
No tax within one calendar tax year from July 1st 2016 to June 30 2017.
New rates will come every June 30th for following year.
Within one year sale purchase on same rate list will trigger no tax affect. |
Arif M® replied on Sunday, July 31, 2016 05:00 AM
So if we sell something within a year and make some profit on it (Say 2 million).. then how will it become white money.. while it is not declared in documents? As there are no change in rates by FBR within year.?? |
Jehanzeb Ahmad replied on Sunday, July 31, 2016 05:06 AM
FBR rates are minimum rates. If you made a profit within a year you need to write the actual value to make that profit white and pay 5% CGT on it. Otherwise your profit would be black money |
HassanHC® replied on Sunday, July 31, 2016 05:08 AM
It's same as with DC it use to be. Ishaq Dar and FBR basically are giving a flat rate for us which will change every budget year. They want continuity abs certainty in market not worried about white or black.
Did they do any thing earlier. Today also they dint say they will go after older transactions.
Basically giving tax is a new thing in Pak so will take a decade before fully documented economy. |
Szaidi® replied on Sunday, July 31, 2016 05:54 AM
As per new terms If anybody sell within a year it will come under table of 0-1 year and capital gain tax will be 10%. |
Not Registered 8684 replied on Sunday, July 31, 2016 08:44 AM
Once the FMV remain the same during the year and the capital gain is Zero i.e. FMV (selling) less FMV (buying) = zero
Then the capital gain tax will be:
10% * zero = zero
The CGT is zero if tou buy and sell in the same tax year. |
Jaffar.abhatti replied on Sunday, July 31, 2016 08:53 AM
Once the FMV remain the same during the year and the capital gain is Zero i.e. FMV (selling) less FMV (buying) = zero
Then the capital gain tax will be:
10% * zero = zero
The CGT is zero if you buy and sell in the same tax year.
CMY never registered me. I tried several times. |
HassanHC® replied on Sunday, July 31, 2016 11:25 AM
Jaffar Saab is right. If you buy and sell and mention the stated price. |
Sheikh_at® replied on Sunday, July 31, 2016 12:30 PM
True. No capital gain tax if sold before 30th june. People are worrying over capital gain tax, infact, main worrying is advance tax on fair market value espiecially for non filers which will be equivalent 8% for buying and selling as most people involved are non filers |
I replied on Sunday, July 31, 2016 01:12 PM
Sheikh Saab. CVT stamp every one was giving before that. We all agree and still lots of gains. Now WHT over 40 lacs value instead of 2 is 4. So all else same. Market will move forward.
Still no income tax
Still no gains tax after 3 years.
Overseas Pakistanis become filer and reduce or get refund on WHT also.
Market has realized that all over world some form of taxation still Pak is very less and returns quiet high. |
