I have to purchase a 1 kanal plot for 80lacs. Its DC value is 20lacs. How much stamp duty, CVT and income tax advance do I pay and for how much value do I declare it in my next tax returns. I have heard that FBR can purchase an undervalued plot for 2 times the declared rate. So it I declare it at 50lacs to avoid trouble, how much stamp duty, CVT and IT advance do I pay on this.
Mubeen Asghar replied on Tuesday, August 14, 2018 08:35 AM
Asslam a alaikum,
Sir CVT is no more applicable while Stamp Duty is 5% of DC Value. Advance Tax depends upon current FBR Value (currently FBR didn't had updated the FBR rates so transfers are happening now at old FBR Values). Further, buying back policy of FBR will not be applicable so it's better that you should declare your property at current market value. Most probably next government will think upon some different check and balances to extend their tax net.
Thanks
Mubeen Asghar
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Lahore Real Estate |
