Dear ‘CMY & any 1 else who has proficiency of the Topic’
Topic of Discussion is ‘Capital Value Tax’
I am making my research from last couple of weeks, while CVT is levied on first buying from the company or it’s only on transfer.
Secondly, when there is no sale deed is executed, no stamp papers are involved, only a transfer certificate is issued by some company, how CVT can be asked in that case.
Could you please clarify?
MAS replied on Saturday, April 24, 2010 02:06 PM
On both. |
MAS replied on Sunday, April 25, 2010 04:17 AM
Without proof of CVT payment they will not issue transfer certificate to you. Here is a sample of "acceptance of bid letter" issued by CDA regarding auction of plots in March 2009. Keep in mind the rate of CVT was 2% at that time now it is 4%.
“It gives me pleasure to inform you that your bid in respect of subject Plot being the highest has been accepted by the Board of the Authority. You are now requested to deposit an amount of Rs._______________ being 2% of CVT of the total price of the plot as Advance Tax in the Government Treasury or authorized Bank and submit the receipt thereof to this Directorate by ______________, so that allotment letter in your favor may be issued . In case the tax payment receipts are not received by the specified date, it will be assumed that you are no longer interested in the plot and the bid shall stand cancelled and 10% of the total price of the plot shall stand forfeited in favor of the Authority.”
You can find the above in a brochure at:
http://www.cda.gov.pk/cda-latest/files/investment.asp?var=94 |
