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Non filer selling,

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   Arshad Ali
Wednesday, June 19, 2019 05:00 AM 
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Aoa LRE experts,

I have a question here pls increase my knowledge if a non filer bought a property in 5 million 3 years back now he wishes to sell it in 6 million. What will be tax implications? And also elaborate what are the tax imposed on non filer selling his property (I have seen everywhere info regarding nonfiler buying property).

Thanks.
Habib replied on Wednesday, June 19, 2019 05:40 AM 

Best of my Knowledge, [as there are many Laws but many are not imposed strictly by FBR]
As filer or Non-filer, selling the property you will have to pay a gain tax, that will be calculated on the difference of your buying and selling price, If you can prove the you Bought in 5 Million and Sold in 6 Million then Tax is on one Million may be 2.5 Lac.
Till June 30th Gain tax was only implemented on last one year[or 3 years I vaguely remember] But From July 1st 2019, Any Property Sold within in 10 years will be liable to get pay gain tax,
Gain tax is can correctly be calculated on documented economy but Property Purchases prices for last 10 years are quite difficult to track, It looks quite sure that an amendment in Gain tax Bill may come soon and retrospective gain tax will be calculated on basis of DC rates or FBR rates,
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