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Important: How To Buy Sell Property & Tax Filer Non Filer Issues C,

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   Important: How To Buy Sell Property By CMY
Monday, January 7, 2019 02:10 AM 
Reply: >
Important: How To Buy Sell Property & Tax Filer Non Filer Issues By Ch Mujahid Yasin Of Lahore Real Estate Jan 2019

Atta replied on Monday, January 7, 2019 05:41 AM 

CMY and others
Which one of the following is true:
1. Overseas Pakistanis can buy property of any value provided the funds used for the property buying were transferred from abroad in the last 60 days.
2. Overseas Pakistanis can buy property of any value provided they have made a transfer from abroad of any amount (can be small amount) in the last 60 days just to prove that they are currently residing overseas.
Please comment.
LRE Online Support Staff replied on Monday, January 7, 2019 07:44 AM 

Dear Atta,
Yes, true.Transactions must be made through proper banking channels.
Regards,
Lahore Real Estate
Atta replied on Monday, January 7, 2019 09:51 AM 

Dear LRE Staff
Thank you for your reply but you missed my point. As an overseas Pakistani, I don't need to transfer from abroad the amount that is used to buy an asset. I can sell my plot and use that money to buy another plot (of more than 50 lacs) as an overseas Pakistani. I only need to show a bank transaction undertaken in the last 60 days just to ensure I am currently residing overseas. This transaction could be 1 lac only.

I think CMY is mistaken in his above video message. This is why I want to confirm from other visitors here.
LRE Online Support Staff replied on Tuesday, January 8, 2019 06:15 AM 

Dear Atta,
Buying property as a non filer overseas can only possible if money is remitted from abroad through proper banking channels in last 60 days. If you are using your old money by selling your asset then you should have to become a filer in that case.
Regards,
Lahore Real Estate
RA replied on Tuesday, January 8, 2019 12:19 PM 

Dear LRE Team and Experts,
Could you please elaborate method of sending money through proper banking channels? I believe most of the overseas people send money through money exchange companies in their local bank accounts in Pakistan. Some people deem this method as proper channel while some others dont. There is a lot confusion here.
JazakAllah
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