How will the new taxes impact the property market? will the rates go up or down?.
Dear Ishfaq,
The impact of the property taxes won’t be as much as the hype has been created. In my humble opinion it’ll only impact the short term investors, biyana holders. For the end user this impact is not that much. For medium and long term investors this is fine. The market will suffer a bit in the start but will adapt in 4-5 months. The taxes imposed are still at the low end as only the DC value is expected to increase by 35-40% in DHA. This in turn will encourage end users to purchase plus a small correction which was due will take place. The rates were overpriced due to biyanas and short term investors. The cleansing will take place but to a small effect. At least it’s a start.
regards,
Umer
According to the Finance Act 2020, the holding period and CTG (contingent) are reduced on immovable property disposal. The longer holding period means that property was not bought to make a sudden profit. So, the government has introduced some tax flexibility.
If the holding period is less than one year, then 100% of CGT is taxed.
If it is more than a year, capital gains to be taxed would be 75%.
If the period is more than four years, no CTG is applied.
Updates about CGT:
It was reduced by half after the Finance Act.
If the gain is less than 5 million, the tax value would be 2.5%. It was 5% before the act.
If the gains are more than 15 million, the tax value would be 10% which was 20% before the act.
So, it would help if you didn’t wait to avail yourself of the profit by selling or buying a property after this amendment. If you want to sell a property or buy one, pay your tax in due time to be a responsible citizen.
you can get professional consultancy from trusted real estate agent of Islamabad
In fact, house price growth has slowed the most in those areas compared to the rest of the country where the effects of the tax law would be less significant slope unblocked, he added.
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There are many changes on property tax that will come into effect in the new financial year. clash of clans accounts
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