I give my house lower portion in Islamabad on rent 10000/ per month. I received the letter from Income Tax office to submit income tax return file on rental property. I submitted the income tax return file for year 2008 & 2009 as NIL statement. Income Tax issued me the NTN certificate. WHAT HAPPENS IF I WILL NOT PAY PROPERTY TAX RETURN FILE YEAR 2010 AS MY RENTAL PROPERTY IS SAME 10000/PER MONTH. I am working here in Saudia and my company is paying the tax on behalf of my salary.
replied on Tuesday, April 20, 2010 05:12 AM
Property tax is different than Income Tax on rented property. the rate of income tax at current rate is 10% of the rent. Your Annual rent from 1st Jul to 30th June if Rs. 120,000 then you are required to pay 12000 as income tax and show it in your IT return to be submitted by Sep30th. |
RAJA IMRAN replied on Tuesday, April 20, 2010 05:53 AM
Thanks Abubaba your quick reply. My rental income property is almost 120000/- as Rs 150000/- is exampted of tax which I check with income tax office in my last visit in Pakistan. As you inform me pay 12000. Could you pls clarify me. |
Aamir replied on Tuesday, April 20, 2010 06:54 PM
What could be the impact of VAT on property,vehicles and FMCGs |
replied on Wednesday, April 21, 2010 03:10 AM
I don't think the property rental income is exempt with in the 150,000. For the property rental income they deduct it as With holding tax at the source and never refund it. Since yopu have not paid at the source as W/H tax; you may take a risk and deduct it in your IT return. OR ask some accountant of IT. Kind regards. |
Saleem replied on Wednesday, April 21, 2010 08:31 AM
Dear all
AOA
I want to mention here that I am workins with Law & Income Tax firm but here I just want to answer the mentioned query under the law for benefit of all, not to advertise our self.
Under Income Tax Ordinance 2001 property income exceeding Rs. 150,000 (including any advance/Pagree / biana is liable to tax. But keep in mind that rental value must be fair value. Mean if some one rented the property less than market then market rate will be applicable.
Under the law the person who got NTN shall file the return (either below taxable or fall under taxable limit). If he did not file the return under the Income tax law non filing penalty will be applicable along with per day charges till filing of return.
I hope that your query has been resolved as per answer.
Thank you
Saleem
|
RAJA IMRAN replied on Wednesday, April 21, 2010 12:50 PM
Dear Saleem Brother
Thank you very much brother for your valuable feedback. I do agree with you and think I will ba able to emphasize on it in my further steps….Actually market value of this house lower portion 12000/- per month but my tannet is living this house since 8 years and everybody knows in our street that he is my elder brother and I am also giving the place of my brother.
Can I call you anytime from Saudia?
May Allah reward you all for your efforts and give you all reward in this world and Hereafter. “Ameen” |
Muhammad Ataulhaq replied on Saturday, September 29, 2012 04:43 PM
i want to calculate my property tax in LDA Sikandria Colony, Bund road near Police Station Nawan koat. its 6 marla double story on rent. each portion is on rent for 4000 despite the fact that the value is more. can you help me in this matter? |
Mahmood replied on Wednesday, October 3, 2012 08:06 PM
I want to calculate my property tax on my rented property which is commerciall and residential in Lahore. If anybody would like to help me. |
Mahmood replied on Wednesday, October 3, 2012 08:11 PM
I want to calculate my property tax on my rented property which is commerciall and residential in Lahore. If anybody would like to help me. |
saif ur rehman replied on Friday, December 21, 2012 06:14 PM
my brother has gifted me a property 4 years ago, measuring 4 marla and 99 sq'ft. i have been receiving rent for this property around 12000 rupess each month. could somebody let me know that how much do i have pay in taxes. the property is very old constructed. |
