Jameel Mughal Sb, Please make corrections if required.
Buyer (Filer and Non-Filer both)
Stamp duty 3% on dc rate
CVT 2% on dc rate
Buyer (Non-filer)
WHT tax 0.6% on valuation price
Advance tax 4% on valuation price
Buyer (Filer)
WHT tax 0.3% and Advance tax 2% on valuation price
Seller (Non-filer)
WHT 0.6% of valuation price
Advance tax 4% of valuation price
Seller (Filer)
WHT 0.3% of valuation price
Advance tax 2% of valuation price
CGT (Filer)
10% first yr sale
7.5% second yr sale
5% third yr sale
0% after 3 yr sale
CGT (Non-filer): 0%
Ahmad replied on Sunday, July 31, 2016 07:37 AM
How CGT for non filer will be 0%? |
humayun replied on Sunday, July 31, 2016 08:11 AM
Bcz filer is not filing income tax return. CGT will be only paid by him at the time of filing. For nonfiler it will be Zero definitely lol. |
User_9325® replied on Sunday, July 31, 2016 08:11 AM
now yu cannot remain non filer. they will start sending notices if yu are a non filer and own a property. this term non filer will slowly diminish to exist. they want everybody to file returns and document economy |
Ashfaq® replied on Sunday, July 31, 2016 08:20 AM
Many thanks. If we sell plot after 3 years, what would be application of withholding tax and advance tax? Shall we pay or it would be exempted
Kindly advise. |
Waseem® replied on Sunday, July 31, 2016 08:21 AM
Seller has to pay advance tax 4% (non filer) on evaluation price.
Let's say 4 lacs on 1 crore property sale, or 8 lacs on 2 crore. Here goes the profit to directly to government. |
pk replied on Sunday, July 31, 2016 08:28 AM
non filer would have paid 8% advance tax plus 0.9% withholding tax, so may actually have tax refund due. It will not make sense for anyone to be non-filer in the future. |
Aldwin® replied on Sunday, July 31, 2016 08:33 AM
Even if overseas Pakistanis file their tax returns, they cannot get their tax refunds because they usually don't have any other taxable income. So their money will be gone for good, whether they file or don't file returns. Any comments? |
Aldwin® replied on Sunday, July 31, 2016 08:36 AM
@Ashfaque
Advance income tax and WHT will be applicable irrespective of when you buy or sell your property. |
Szaidi® replied on Sunday, July 31, 2016 08:49 AM
@Aldwin. In case of filer overseas Pakistanis has to pay less tax and if Non filer they have to pay more tax. |
Ashfaq® replied on Sunday, July 31, 2016 09:02 AM
@ Aldwin® : Jazzaak Allaah Khairian |
Nabeel® replied on Sunday, July 31, 2016 09:11 AM
Yes Aldwin I believe you are right.
Even if overseas Pakistanis file their tax returns, they cannot get their tax refunds for Advance Tax because they usually don't have any other taxable income. So their money is gone for good, whether they file or don't file returns.
So this increase in Advance Tax will hit overseas hard. Thanks Government. |
Aldwin® replied on Sunday, July 31, 2016 09:24 AM
#Szaidi
You are right. An overseas filer will pay 2.3% less tax than an overseas non-filer. |
AHMAD HASSAN® replied on Sunday, July 31, 2016 11:04 AM
http://tribune.com.pk/story/1152782/real-estate-sector-handed-tax-amnesty/ |
HassanHC® replied on Sunday, July 31, 2016 11:20 AM
Number 1. Capital gains tax you don't have to pay upfront.
Number 2. When you file taxes you will pay gains tax at year end
Number 3. All taxes you have paid upfront CVT WHT etc will be subtracted from base price and adjusted to reduce the sales price and then only gains tax will be calculated
Number 4. When you file taxes you will get a refund for money you paid as WHT.
Nimber 5. Becoming a filer is recommended to reduce WHT and get refund also. |
Ahmad replied on Sunday, July 31, 2016 12:32 PM
When new DC values will be declared? |
HassanHC® replied on Sunday, July 31, 2016 01:15 PM
Alldwin
seller filer 1 % no filer 2% |
