Capital Gain on sale of immovable property used to be taxed as a sepa rate block and on special/lower rates of tax. It will now be subject to normal tax as a part of total/taxable income.
Earlier if u hold property for 4 years or more, there was no tax. Now gain will be taxed 12.5% no matter the holding period
About amnesty, budget document is silent, which means, it is going to expire on June 30th.If negotiations with IMF succeed, then Government might announce extension.
Regards
Essa replied on Saturday, June 12, 2021 08:46 AM
If government gets IMF's nod on extension of amnesty, it is going to be only on property which can be constructed.
There won't be amnesty on files or non possession plots, this is the rumour around |
2021-22 replied on Saturday, June 12, 2021 08:47 AM
I think 12.5% cgt is applicable on stocks and not on property. It is reduced from 15% to 12.5% for stocks. |
Arhum Arhum replied on Saturday, June 12, 2021 04:55 PM
You're mistaken. No real change has been made to CGT laws, the 12.5% CGT is for stocks.
Also, Shaukat Tarin in his post-budget interviews mentioned that amnesty will be extended as soon as it expires. Economic Advisory Council and Chamber of Commerce also confirmed this. Amnesty is definitely extending till 31st December. People who want to do buying still have a few weeks before price jump will arrive so I'd say buy properties ASAP if you want to buy because you wouldn't want to be paying 5-10% more in a month or so. |
