Hi Folks,
Good day to everyone.
Can anyone shed llight on FBR share in rental income from Commercial plaza? How does it work? Does one have to to pay when plaza is on rent or when its constructed but not in anyone's use? What is amount one has to pay to FBR?
Regards,
Zahid Ilyas
TA replied on Saturday, May 18, 2013 03:03 AM
Any rental income is taxable....if the property is under construction or empty then obviously no tax is payable |
Habib replied on Saturday, May 18, 2013 05:42 AM
1. With holding tax is retained by the tenant @10 % by the tenant and depositted in the Govt Treasury in the name of owner.
2. Property tax is recovered by the Cantonment Board @ 15% of the rental income. Some concession (15%/10%) is allowed on the total property tax if paid by the owner before 30 September/ 30 June of a financial year.
3. If the rental income of your Plaza is Rs. 1Mn per year, you will pay approximately 25% in taxes.
4. Submission of Tax return is mandatory. |
