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NON-FILERS CAN BUY PROPERTY OF ANY AMOUNT,

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   FAR
Tuesday, September 18, 2018 10:25 AM 
Reply: >
BIG NEWS: Non-filers can buy property of any amount. Up to 50 Lacs restriction is removed. Will impact positively on market for sure.
chouhdry replied on Tuesday, September 18, 2018 11:15 AM 

GREAT NEWS!
Investor replied on Tuesday, September 18, 2018 11:22 AM 

Property will definitely boom!
Investor replied on Tuesday, September 18, 2018 11:22 AM 

Property will definitely boom!
Fraz replied on Tuesday, September 18, 2018 11:26 AM 

And the country will lose. Welcome to Naya Pakistan !!!!
Tariq ch replied on Tuesday, September 18, 2018 11:35 AM 

Restriction was imposed in this financial budget of 2018, whereas, property market crashed two years back in June 2018.

So it seems likely that overall property market will boost immediately.

However DHA market has some exceptions where 9 Town prices increased 30 to 40 % in dead slow market
Tariq ch replied on Tuesday, September 18, 2018 11:37 AM 

Correction
It seems Unlikely
Junaid Akram replied on Tuesday, September 18, 2018 12:12 PM 

Obviously great news for property market. More investment opportunities will help boost this sector thanks to this government.
Free_man replied on Tuesday, September 18, 2018 12:26 PM 

New Dha like Multan and BwP were benefiting from restriction of 5 million but now money will be more freely directed to Lahore. Good news
Adnan_Ali® replied on Tuesday, September 18, 2018 12:35 PM 

U turn government any time can take u-turn, so new investor will still wait and watch, Dollar/Rupee Value and stock exchange are other factors that will decide
investor replied on Tuesday, September 18, 2018 01:15 PM 

No change in property as it is stagnant because it is way over priced. Untill the income of people catch up with the property prices there would be no up turn. When property goes up every thing becomes expensive including rents, and hence it becomes unfeasible to open shops etc. This restriction was imposed just 2 months ago but the property has been down for the last two years
JUJ replied on Tuesday, September 18, 2018 04:16 PM 

Property went down when restrictions were imposed. It is stagnant for couple of years. Everybody at that time said property business has suffered due to Tax Filer and non-filer distinction. Now by any Newton's law it should go up.
Lahori_guy replied on Tuesday, September 18, 2018 08:27 PM 

Bad move for Pakistani tax system. This will only benefit property developers.
Warrior88 replied on Tuesday, September 18, 2018 09:36 PM 

Seems like tax authority will say hello letters to these non-filers in time , killing off the market! Seems like an FBR trap.
Pro_Pakistan replied on Wednesday, September 19, 2018 03:56 AM 

Probably good for real estate sector but not for the country. These restrictions were forcing people to become filers and come under Tax net. Now there is no motivation for them to be filer and they can do whatever they feel like being non-filer and do not pay taxes on their main source of income.

I am a filer and i feel this is injustice with Filers (mostly salaried class)

Sad day.
bilal replied on Wednesday, September 19, 2018 04:58 AM 

Good on the face but a regressive step. Will plunge the country into undocumented economy.
bilals replied on Wednesday, September 19, 2018 04:59 AM 

Good on the face but a regressive step. Will plunge the country into undocumented economy.
babloo replied on Wednesday, September 19, 2018 05:57 AM 

Although this policy will make people to invest in the property without the need of showing all of their assets to the FBR. but just think.
1)Overseas donot have to pay tax on their income.so they only have to pay double tax when transferring the property to their name.which is good.
2) Pakistan residents are not exempt from income tax. so they would be already filling the tax returns.and if they are not filling the tax returns and hiding their wealth halal or haram.life will be easy for them unless haram income is traced by the anti corruption dept. I think property price will increase but not as in 14 and 15.
babag replied on Wednesday, September 19, 2018 08:33 AM 

Overseas Pakistanis used to buy the Properties in Pakistan rather than depositing the money (savings) in foreign country, as they feel the money was save for their future when they return to their own country Pakistan and also at the same time growing in value. with the law that only filer can buy property, it became difficult for the Overseas investors, So they started investing in their foreign country itself.thus reducing the FDI in pakistan. So I feel this is a good policy to let overseas Pakistani to buy property without filling the returns.
Mirza replied on Wednesday, September 19, 2018 09:41 PM 

Some people believe that its a trap for resident non-filers.

Also, non-filers will be paying even more taxes on transfer of property.

What are your thoughts ?
Ahmad replied on Thursday, September 20, 2018 07:23 AM 

I live abroad and it was a puzzle for me to buy a property in Pakistan. I think, it is a good step to allow non-filers to buy property. As far as 'trap' mentioned, i don't mind receiving a letter from FBR to explain my source of income. We should do honest business and there should be no fear of 'trap'. The legal tax we pay for our country is good for all of us. We anyway pay hefty taxes while living abroad and never complain :)
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