I am repatriated recently and saved an amount which I transferred legally through my bank account. I want to invest that saving in real estate. My question is:
(a) Do I need to be a filer before buying a plot worth 10.000 Million (+)?
(b) I want to sell 1K plot so that I could construct a house on plot mentioned in (a) above?
I shall appreciate your advice. Thanking in advance. :pkf
ashraf replied on Friday, June 1, 2018 12:32 AM
1)you can get a TAX id no with your id card 2) when you buy a plot make sure to get bank Decashment letter of foreign money transaction 3) you are fine 4) incase FBR contacts you show the sale agreement and bank letter for foreign funds and source like sale of property in pakistan if your purchase is more then bank letter amount |
Rao Asif replied on Friday, June 1, 2018 05:45 AM
Also check which rate you will show on documents for selling of plot, DC value, fbr value or fair market value. Because only that amount will be your white money. |
Rao Asif replied on Friday, June 1, 2018 05:50 AM
also do show all your money transferred through bank channel in your wealth statement. Very few people here have idea how to generate your white money. Normally people show zero in your wealth statement and makes you filer and let you drown in hot water after wards |
HKB replied on Tuesday, June 5, 2018 06:28 PM
Thank you @ashraf and Rao Asif. Do I need to visit Income Tax office personally or get the tax ID No. online through their website?
I had NTN and was a regular tax payer before going abroad ie 10 years back. Thanks once again. |
