Dear CMY.
Is there any tax on property which has to pay by seller when he sold the plot from DHA phase 1 to Phase-11. If have how much any what is the basis of its calculation?
Thanks in advance and jazak Allah
Habib replied on Thursday, June 11, 2015 05:58 AM
If you bougut a Plot and want to sell it in less than 5 years you have to pay capital gain tax, Previously I Though It was due only for purchase of 2 years old but looking at new Information it looks even upto 5 years purcahse we have to pay this tax. But Please Confirm it as it is also new to my Knowlede Previous understanding/ Proposal was 10% on gain with in one year and 5% On Gain with in 2 years but looks it has been revised
This Tax is Claculated how much you gain the difference in buying and selling
One year or less Higher of:
(i) 5% of the capital gain, or
(i) 2% of the recorded value at the time of sale
More than 1 year but less than 2 years
4% of capital gain
More than 2 years but less than 3 years
3% of capital gain
More than 3 years but less than 4 years
2% of capital gain
More than 4 years and less than or equal to 5 years
1% of capital gain
More than 5 years
No tax
You will have to keep a Good record of Both purchase and sale deed plus copies of payorderes etc and File in Tax Dept . |
Tahir Mahmood replied on Thursday, June 11, 2015 07:17 AM
Thanks a lot Habib Bhai for detail and informative message. |
