I want to purchase a plot in jinnah gardens at price around 30 lac. What are the details of the cgt and other taxes to be paid by the buyer in all
Could someone explain what is the end result of the meetings of the real estate representatives and FBR a couple of days before?
Shahid ahmed sb, CGT is applicable for plots above 4 million price. Secondly, CGT is paid by the seller and not by the buyer.
Regards
For buyer you have to pay 2% of WHT if you are a non filer which will be 60 thousand for a 30 lac plot.
Thank u everyone for the candid information
Mr. Muhammad, is the 2% WHT different from what someone pays on issuing any check of more than Rs. 50000 per day for any transaction.
Yes its totally different, related specifically to property purchase.
Both are withholding taxes... One is on purchase of property and the other is on withdrawal of cash from bank. The applicable rates are also different.
Regards
First of all WHT is applicable on the plots worth 4 million plus book value and secondly for cash with its 0.6 pc and not 2 pc…
Dears property experts:
Please explain all kinds of applicable TAX (CGT/WHT) on property. Purchasers, buyers and keeping a plot for 1 year or 3 years or 5 years.
You are right Saadi bhai, threshold has been increased from 3 million to 4 million. So no WHT for less than 4 million while buying.