Imran sb dont u think this new law is good for the ordinary people whose dreams to build a home was ruined by the investors i think it is better to give few lak extra to gov rather then buying so expensive artificial prices.
Ahmed I agree with you on this.
Lets be fair and call spade a spade.
We as a nation has a very bad habit of criticizing each and everything.
Corruption ka aik naya bazar laga ga.patwaron ki jiga FBR wala la la gain.
There will be no change with this tax money at end this tax money will go to UAE or UK.
Regards
In how much percentage the price will come down ? if a plot worth is 20 lac at the moment, will it come to 15 lac due to this tax ? any idea
EID MUBARAk to all the forum members
I have sold my plot recently in Bahria Town Lahore one week before this new Tax Implementation, the buyer has paid only the Token money yet Transfer is not yet done. Is there any way that i can get rid of this new tax, should i do the transfer or wait may be after Eid once the Dealer and the investors will start protesting against this law may be this Patwari Govt will rethink about reducing % of tax.
Keeping in mind that Imran khan has already announced that they will start protesting against the govt after Eid Holidays and Tahir ul qadri is also there. Once both of them will start building the pressure on govt and the dealers also there are chances.
what do you guys think...???
As i said don't sell,purchase at least 3 to 4 months.wait and see.There will be one change patwarion ki jaga FBR ior State Bank la ga.Corruption ka aik niya bazar laga ga.
I think this new law will good for genuine buyers and bad for short term investors.
For more detail click on this video Amendment in Section 68; Impact on Real Estate.
https://www.youtube.com/watch?v=2_Qa9DEy3BI&feature=youtu.be
Regards
@ Nadeem
Give me advise what to do now? as i have already received the Token Money which is 500k. I didn't signed any paper with them as i live abroad they had deposited the money into my account in Pakistan.
Dear Murtaza,
It will not much effected in Dha and Bahria because they fixed the land value of different blocks,sectors and projects.
Bhai logo don't be worry and hold your investment.It will not in reverse but stable for some time.
Regards
Dear Nadeem
Thanks
Dear Nadeen sb you r writing that property will not reverse but ill stable but the video u have shared saying opposite.
Dear Ahmed,
It will stable because mostly investors are involve in real estate so they will try to hold there investment.
Local investors will play file game and overseas will stop and hold old investment.
Nobody is ready to sale in loss so it will not go to in reverse.
Regards
Dear may b u r right. I think with in few months picture would b clear but if gov will stick to their plan how can one who hav sold property get rid of previous 10 or 5 year transaction revaluation tax.
Ahmed sb…The corrupt and incompetent machinery of fbr is unable to collect the tax properly from registered members i.e approximately from 1 million people from all over Pakistan and your are talking of re-evaluation…It is nothing more than a wishful dream…And one more thing, the orders of the government are not the divine injunctions and can be challenged in any court of law which is highly probable.Plus the ruling elites are main investors in property, so forget about it.
Ahmed sb…The corrupt and incompetent machinery of fbr is unable to collect the tax properly from registered members i.e approximately from 1 million people from all over Pakistan and your are talking of re-evaluation…It is nothing more than a wishful dream…And one more thing, the orders of the government are not the divine injunctions and can be challenged in any court of law which is highly probable.Plus the ruling elites are main investors in property, so forget about it.
And one more thing sir…jo non filer investors pehle 2 lac ka plot transfer karata thaa woh abb 4 lac ka kara le ga because usko tou apna black money white karna hai or filer ka tou waisay hee advance tax adjustable hai final return main tou yeh tou issue hi koi nahi hai…saaf nazar aa raha hai govt sirf mafia ki tarah apna share demand karr rahi hai and that is it…govt ka maqsad undocumented economy ko pakarna to hai hi nahi because saray tax chor to yeh khud hain.I dont see any substantial effect of this new tax. Or baat rahi panel ki tou dha bahria type societies ne tou apni value according to sector fix kara li hai tou panel ka societies main koi kaam nahi hoga and i see more influx of investors towards societies because of this.
@Nadeem bhai ....SAADI...Mr.Khan...eid mubarak to you and all forum members...
Sir, in your news inputs ,you have mentioned 250 million rupees ,"that gov wants to fetch in fiscal year 2016-2017", i think its a misprint ,it may be 250 billion rupees . 25 crore is just a 7 days breakfast money for gov machinery/offices.
And to be realistic ,"the new tax system as announced(according to news papers), IF implemented ,will halt and subsequently decline prices, bcz short and medium term investors which makes up to 80-90% of real estate business will switch to some other business , and will dispose their properties with no RE-PURCHASE GOALS else where, SO as a result more plots/availability in market and less competition and thus will bow down the dinosaur of stone age(THE LAND).
And this seems ,the gov goal as well, to divert money from real estate into industries/factories etc for growth and also some output,as well as black money exposing and bringing it in to white money area for improving GDP and REVENUES.
I hope ,am not hurting investors, but what i said is purely based on NEWS and ONLY NEWS, SO ,IF and ONLY IF news are taken at their face then scenario could be ,what i have said.
DHA/BAHRIA have also old dc office tax rates, its the transfer fee which makes cash of sale purchase deal a bulky one.
Suppose 1 kanal in bahria pindi at launch time ,suppose 16 lakh , and tax yet paid on that 16 lakhs BUT its market now suppose 1 crore i.e 7 times of old rates , so imagine the sale/purchase fee and transfer money now.
ONE POSITIVE effect it will have, will be on new launch ,which i think developer will avoid or will not be able to up shoot prices at launch as he( developer) will pay the initial tax.
And number two, ITS MUCH GOOD NEWS FOR GENUINE BUYERS"""
Dear DK i think u have given good review more logical and realistic
;;{{{SOURCE= Pk Revenue.COM }}} ,,FBR issues notices to property investors in Bahria Town
March 5, 2016 Exclusive, Inland Revenue No comments
fbr
KARACHI: The Federal Board of Revenue (FBR) has issued notices to property owners in Bahria Town to explain their income and file income tax return for tax year 2014.
Sources in Regional Tax Office (RTO) Karachi told PkRevenue.com that Broadening of Tax Base (BTB) had issued notices to owners of Bahria Town, who had not filed their income tax returns or concealed income to purchase such property.
In November last year, Bahria Town, the largest real-estate developers, has shared details of investors in projects of Karachi, Lahore and Rawalpindi with the FBR.
The developer had shared the details on request of FBR in its efforts to identify the potential taxpayers, who have taxable income but not paying to the national exchequer.
The sources said that Bahria Town had shared investors’ details of 31,500 from Karachi, 3,700 from Lahore and 5,600 from Rawalpindi.
The sources said that the FBR was scrutinizing the details about the source of income of investors in such huge projects.
The FBR has initiated broadening the tax base and netting almost all the sectors of economy and segments of the society to bring people having taxable income into tax net.====
++++=AND====THIS==source= CUSTOMS Today
;;;;;;;Reported by: `Muhammad Nawaz May 19, 2016
LAHORE: Broadening of Tax Base (BTB) Zone of the Regional Tax Office-I (RTO-I) has sent tax notices to 24,000 plot owners of Bahria Town Lahore.
In the notices, the Federal Board of Revenue (FBR) has asked the plot owners to explain the source of their income. The reason behind this move is to determine whether the allottees paid income and property tax or not.
Source said that Broadening of Tax Base Zone issued notices under section 114 and if any plot owner failed to reply the notice the Regional Tax Office will take action against him.
Sources said Broadeing of Tax Base (BTB) Zone playing important role to increase the number of taxpayers and registers thousands of new cases in current financial year.
= NOW let me dissect things=
BAHRIA TOWN PHASE 8=
......BAHRIA RATES...
1 KANAL= TRANSFER FEE=65000.. CVT=20000...SO PRICE according to cvt ,as CVT IS 4% OF market value.....
BUT here 4% @ 20000 cvt paid= 500000 lakh rupees= TOTAL TRANSFER FEE WITH TAXES= 85000 RUPEES..................BUT MARKET VALUE IS 60 LAKHS TO 1 CRORE AVERAGE IN PHASE8.....so this proves bahria is still and i am thinking DHA TOO STILL pay CVT ON OLD RATES.
otherwise 4% cvt on 1 crore= 4 lakhs
now 1% withholding tax= 1 lakh
plus bahria or dha fee for transfer=65000
ITS NEAR 6 LAKHS FOR 1 CRORE DEAL AT MINIMUM......and @ of FBR RATES PRIOR TO THESE NEW SYSTEMS OF TAXES....I.E PRIOR TO 2016.
this khechri is very complex to understand"""'''''
BUT.....Believe me its very easy to implement'''''''''
Dk sir yehi tou keh raha hoon dc rate has nothing to do with bahria dha in isb and they have fixed declared rates which are not 1 crore etc...revised rates varies between 35 to 63 lacs for dha..
And secondly i wanted to say , what do other investors have the option to invest..Which industry? You have no energy no facilities.I am again telling you its the mafia share and not the govt's attempt to surge gdp..Investors have no other options to invest..If you have some in mind please indicate..And another thing is that nobody is ready to sell their plot even at 2,3 lacs below market price, let alone the investors sir..
Will give you a detailed reply in sometime for dha sir…