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Pakistan Real Estate Taxes Explained W Good Surprise For Buyers Seller,

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   Pakistan Real Estate Taxes Explained
Thursday, July 4, 2019 06:56 PM 
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Pakistan Real Estate Taxes Explained W Good Surprise For Buyers Sellers In the Property Market

Thinker replied on Saturday, July 6, 2019 12:06 PM 

Dear CMY
Thanks for explaining the CGT issue, however I have a question if you could answer that.
Let us say I bought a plot for 1 crore last year and in documents the declared value was FBR value which was say 50 Laks. I now sell it again for 1 crore, but now FBR value is 85 Laks. Does that mean that My gain would be calculated as 85-50 which is 35 Laks, and I have to pay tax on this gain? where as in reality there was no gain. Could you explain this scenario as this will be the case with most of the sellers
replied on Sunday, July 7, 2019 07:14 AM 

This budget has lot of if and buts, some stupid peoples has drafted it. According to current budget the gain will be new selling market price if cannot be determined then it will be new FBR value minus the declared value in the tax return. Most of the people has shown DC value of that time in the returns as buying price. So they have to pay extra tax, although the gain will be calculated in this way is wrong and much higher than the actual gain. May be some clarification come from FBR later on. Also it is tupid idea to keep the tac rate same from 2nd year up to 8 year. Everywher the rate decreases as the number of years of property retained increase.
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