Hi, I have seen your vdo on new scheme and taxes. However, it does not explain anything about very important expect that is how abolishing FBR or DC will affect future sellers who had plot purchased before this change.
For example if someone bought a plot in Jan. for 70 lak and paid CVT at rate of FBR or DC ie around 8-10lak(just assume-dont know whats exact fig). so his plot value is lot less than what he paid to buy though he saved tax.
Now when he will sale, it will be actual market value instead of FBR/DC rate so if he sale in 90 lak his capital gain will be recorded 90-10=80 lak and if he sales in first year it will be 15% of 80lak. that 12 lak?
example above might have been impression of exaggeration but it seem to be totally ambiguous and can exploit seller unless there would be clarity.
Will be grateful if you can share your thought on that.
All in all these overnight changes without full clarity won’t help economy or any business.
Dear Hassam,
How is that different from whats happening today?
Even today if you buy at FBR rate and sell at actual rate and want to declare the entire money, you will have to pay the CGT.
In addition the CGT ratio is 10% for first year, 7.5% for 2nd year and 5 % for 3rd year and it is not applicable after 3 years.
Best suggestion is either to sell it after 3 years or do not declare the extra money but than it will not be white.
Jazak Allah
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