Dear All:
If filing statement of Assets/Liabilities for the first time, what amount should we write?
1) Current market value?
2) Actual paid amount at the time of purchase?
3) FBR valuation rate?
4) Current or Previous DC rate?
Thank you!
mijaziqb replied on Monday, October 3, 2016 06:37 AM
This is all up to you. You can fill anything but it is always better to be realistic. Filling current market value is best for the future. When you will sell your property in future, you will have enough white money to purchase anything from that money. |
Aseem replied on Monday, October 3, 2016 06:42 AM
Sir...my tax consultant makes me write 2 since it matches with bank statement...thanks and regards... |
Mike Li replied on Thursday, September 28, 2017 01:23 PM
If you have over valued your asset in Wealth statement; you will be showing loss when selling it. Thus you may be getting some tax credit.
On the contrary; if you have under valued your asset, you will be showing large amount in capital gain, thus increasing the amount of tax. |
