Have a shop in plaza under consturction in lahore on monthly installments, reveiced a note from plaza master owner asking me
that normally in Pakistan, registeries are made at lower prices than actual value, so he is suggusting that i may pay certain % money as ash so he can make registery at lesser value, plus some other taxes
need guidance on this, I do not want to do naything wrong and also being an overseas pakistan am i not excempted from taxes and if i do have pay registery at what stage it is paid normally & how much.
what are the other charges i need to be aware off. Thanks for help, Irfan
Jameel replied on Tuesday, September 8, 2009 02:59 PM
This will carry a risk as in case of dispute he can prove that you paid less money. |
PROGRESS replied on Wednesday, September 9, 2009 06:19 AM
As far as understand, Irfan will have the cash receipts upon paying installments. So, There is no chance the owner will refuse that he had paid less. It almost risk free.
Secondly, this is common to make registry on lesser price to save paying extra taxes to government. I think its a normal practice in every second case in Pakistan. Even in DHA they have DC value while actual prices are very high.
Its only a way to be on more safe side to do registry that Mr. Irfan is the real owner of the shop. But on the other side if Irfan wants to re-sale the shop then I will not recommend to do registry as transfer of file is more easy and will cost less to the purchaser. It will also save time of seller, Rather spending days in court or with lawyer shop can be re-sale within half an hour, if all dues are clear. |
