I am an overseas Pakistani and have purchased a couple of plots in Lahore in last few years before tax changes of July 2016. I would like to ask respected forum members to comment on how would be the experience to sell these plots. Do I need to show a proof of how I earned the income used to buy the plot? Is such a proof required at the time of purchase or sale or both?
Is it a better option to wait till it is 5 years before selling the plots?. Thanks.
Someone replied on Wednesday, November 9, 2016 04:20 PM
I am in the same boat.
Can someone please answer ?? |
ExpatPaki replied on Wednesday, November 9, 2016 04:36 PM
If any overseas pakistani has recently sold their plot, please share their experience. |
M Ibrahim replied on Wednesday, November 9, 2016 07:30 PM
According to today's newspaper latest NEWS if u sell ur property then u will ve to pay 3% tax e.g. If u sell ur plot for Rs 1 Crore u ve to pay Rs 3 Lac in tax iske ilawa there is nothing they will nt ask u the source of ur income If u pay 3% at the time of sale |
Observer replied on Thursday, November 10, 2016 12:56 AM
nothing will happen nobody going to ask you, its my personal experience i have bought sold many plots from 2011 till 2016, nobody ever bothered me though i have legal source to tell and i'm not a filer as well buy never bothered by anyone |
IjazIqb® replied on Thursday, November 10, 2016 09:42 AM
Give 4-5 thousands to a lawyer to file your returns. Your tax will be 0 because your income is from foreign sources. You can also register online and file tax returns if you do not want to pay anything to any lawyer https://iris.fbr.gov.pk/infosys/public/txplogin.xhtml
I will recommend registering through a lawyer because online process takes more time and lawyer can get your name in ATL in few days.
This is the best way. You will become a filer and do not need to pay any extra tax. After your name is in ATL, you can save a lot of money in many departments including buying and selling of property.
No need to afraid of anyone. You can legalize everything without paying anything because there is no tax on overseas income. Without filing tax returns, you will always try to hide from FBR. Why you want to run away from FBR when you can become a filer with 0 tax?
My income was also from the foreign sources and I started filing tax returns with 0 tax since last two years. Now I save lot of money specially on bank transactions and token tax of my vehicles etc. |
ExpatPaki replied on Thursday, November 10, 2016 05:23 PM
Thanks to everybody for sharing the helpful thoughts. Specially to IjazIqb for sharing their experience.
@IjazIqb - When becoming a filer for first time, do you declare your plots and provide foreign salary slips etc? Also can you please recommend a good lawyer for this purpose. Thanks. |
