Rates effective outside of amnesty scheme — Consult a Tax lawyer
You should also consult a tax lawyer but these are my personal suggestion and I am not a tax expert
Tax authorities can ask for sources of purchase only upto 5 years max unless court orders due to fraud bribes cases etc. So if any real estate property held more than 5 years no need to go for amnesty scheme.
Rates effective outside of amnesty scheme
These are rates effective outside of amnesty scheme that ends on July 1st 2018. From now till July 1st 2018 if you file forms for amnesty you can declare any property where you can’t justify cost bases by paying 5% of total price today. You will not be asked in future where you got funds to buy it.
If plot sold after 1st July 2018 these will be capital gain taxes
Any plot bought before July 1st 2015 ZERO tax. Declare full current worth as new law to keep max money White. It don’t matter how much was purchase price. Use cost base at that time DC values.
If plot bought between July 1st 2015 and June 2016 and sold after 1st July 2018 your capital gain tax will be 5% You can use DC value or FBR valve as cost bases.
If plot bought between July 1st 2016 and July 1st 2017 and sold after 1st July 2018 your tax is 7.5% and must use FBR values for cost bases.
If your plot was bought between July 1st 2017 and July 1st 2018 and you sell plot Before July 1st 2018 your tax is 10% on only profit amount. FBR price must be used.
For all years tax is charged only on profit amount and not on total prices.
Ch Mujahid Yasin (CMY)
Lahore Real Estate ®
+16308024186 & +923224929992 WhatsApp preferred but can call or SMS regularly too if needed.
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