{"id":53097,"date":"2019-07-01T11:39:45","date_gmt":"2019-07-01T06:39:45","guid":{"rendered":"https:\/\/www.zameen.com\/blog\/?p=53097"},"modified":"2020-06-15T14:32:24","modified_gmt":"2020-06-15T09:32:24","slug":"amendments-introduced-in-finance-bill-2019-to-enforce-new-cgt-regime","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/amendments-introduced-in-finance-bill-2019-to-enforce-new-cgt-regime.html","title":{"rendered":"Amendments introduced in Finance bill 2019 to enforce new CGT regime"},"content":{"rendered":"<p>Islamabad: The government has introduced a number of major amendments in the <a href=\"https:\/\/www.zameen.com\/blog\/budget-2019-20-pakistan-property-market-impact.html\" target=\"_blank\" rel=\"noopener noreferrer\">Finance Bill 2019<\/a>, including changes in how the Capital Gains Tax on disposal of property will be calculated \u2014 a news source reported.<\/p>\n<p><strong>Read<\/strong>: <a class=\"row-title\" href=\"https:\/\/www.zameen.com\/news\/budget-2019-20-non-filers-to-be-pursued-legally.html\" target=\"_blank\" rel=\"noopener noreferrer\">Budget 2019-20: Non-filers to be pursued legally<\/a><\/p>\n<p>Below are the details of all the major amendments introduced in the Finance Bill:<\/p>\n<p><strong>Capital Gains Tax<\/strong><\/p>\n<p>Capital Gains Tax (CGT) on disposal of immovable property will now be collected as follows:<\/p>\n<ul>\n<li>Where the gains are less than PKR 5 million: 5% of the gains<\/li>\n<li>Where the gains are more than PKR 5 million but less than PKR 10 million: 10% of the gains<\/li>\n<li>Where the gains are more than PKR 10 million but less than PKR 15 million: 15% of the gains<\/li>\n<li>Where the gains are more than PKR 15 million: 20% of the gains<\/li>\n<\/ul>\n<p><strong>CGT will not be applicable where:<\/strong><\/p>\n<p><strong>1.<\/strong> Constructed property is sold after 4 years of purchase<\/p>\n<p><strong>2.<\/strong> A plot is sold after 8 years of purchase<\/p>\n<p>Read:\u00a0<a class=\"row-title\" href=\"https:\/\/www.zameen.com\/news\/fbr-proposes-revision-in-property-valuation-rates-of-18-cities.html\" target=\"_blank\" rel=\"noopener noreferrer\">FBR proposes revision in property valuation rates of 18 cities<\/a><\/p>\n<p><strong>Asset Declaration\/Amnesty Scheme<\/strong><\/p>\n<ul>\n<li>Any declaration made under the Assets Declaration Act 2019 will be valid if cash held by the declarant is deposited into a bank account at the time of declaration and is retained in that bank account up to the given deadline<\/li>\n<li>However, this clause will not be applicable to those who do not deposit cash in a bank account by June 30, 2019 on account of it being invested in immovable property or business. Such declarants will instead have to pay a tax 2% higher than the normal tax rate and will provide complete details of the immovable property or business where the said cash is invested<\/li>\n<li>Previously, if a person misrepresented or suppressed any facts, their entire declaration under the law was to be considered void. Now, only the disclosure of that particular asset where the facts have been changed will be considered as void and the rest of the declaration will be treated as lawful<\/li>\n<li>Protection has also been given to those declarants who wish to enhance the value of assets declared in the previous amnesty scheme (introduced by PML-N government in 2018)<\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><strong>Sale<\/strong><\/p>\n<ul>\n<li>The condition for sellers to obtain CNIC numbers of buyers will now be effective from August 1, 2019. (This may not be fully applicable to real estate, since it is obtained as a part of the agreement in any case.)<\/li>\n<\/ul>\n<p><strong>Read<\/strong>: <a class=\"row-title\" href=\"https:\/\/www.zameen.com\/news\/pkr-5-mn-restriction-removed-non-filer-property-buyers.html\" target=\"_blank\" rel=\"noopener noreferrer\">PKR 5 mn restriction removed for non-filer property buyers<\/a><\/p>\n<p><strong>Other Taxes<\/strong><\/p>\n<ul>\n<li>Option to pay normal tax on rental income exceeding 4 million, and claim deductions in deriving rental income<\/li>\n<li>The government has withdrawn the 16% sales tax that it had proposed to impose on property dealers involved in the sale and purchase of property in Islamabad Capital Territory<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The government has introduced a number of major amendments in the Finance Bill 2019, including changes in how the Capital Gains Tax on disposal of property will be calculated \u2014 a news source reported. Read: Budget 2019-20: Non-filers to be pursued legally Below are the details of all the major amendments introduced in the Finance Bill: Capital Gains Tax Capital Gains Tax (CGT) on disposal of immovable property will now be collected as follows: Where the gains are less than PKR 5 million: 5% of the gains Where the gains are more than PKR 5 million but less than PKR 10 million: 10% of the gains Where the gains are more than PKR 10 million but less than PKR 15 million: 15% of the gains Where the gains are more than PKR 15 million: 20% of the gains CGT will not be applicable where: 1. Constructed property is sold after 4 years of purchase 2. A plot is sold after 8 years of purchase Read:\u00a0FBR proposes revision in property valuation rates of 18 cities Asset Declaration\/Amnesty Scheme Any declaration made under the Assets Declaration Act 2019 will be valid if cash held by the declarant is deposited into a&hellip;<\/p>\n","protected":false},"author":18,"featured_media":21322,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[12054],"persona":[],"class_list":{"0":"post-53097","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-details-on-amendments-introduced-in-the-finance-bill-2019","9":"cat-15015-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Amendments introduced in Finance bill 2019 to enforce new CGT regime - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The government has introduced a number of major amendments in the Finance Bill 2019, including changes in how the Capital Gains Tax on disposal\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/amendments-introduced-in-finance-bill-2019-to-enforce-new-cgt-regime.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Amendments introduced in Finance bill 2019 to enforce new CGT regime - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: The government has introduced a number of major amendments in the Finance Bill 2019, including changes in how the Capital Gains Tax on disposal\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/amendments-introduced-in-finance-bill-2019-to-enforce-new-cgt-regime.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; Pakistan Property News &amp; Latest Updates - Zameen News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/ZameenPK\" \/>\n<meta property=\"article:published_time\" content=\"2019-07-01T06:39:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-06-15T09:32:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2016\/06\/Budget\u2019-2016-17.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"350\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Samra Zulfiqar\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@ZameenProperty\" \/>\n<meta name=\"twitter:site\" content=\"@ZameenProperty\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Samra Zulfiqar\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Amendments introduced in Finance bill 2019 to enforce new CGT regime - Zameen News","description":"Islamabad: The government has introduced a number of major amendments in the Finance Bill 2019, including changes in how the Capital Gains Tax on disposal","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.zameen.com\/news\/amendments-introduced-in-finance-bill-2019-to-enforce-new-cgt-regime.html","og_locale":"en_US","og_type":"article","og_title":"Amendments introduced in Finance bill 2019 to enforce new CGT regime - Zameen News","og_description":"Islamabad: The government has introduced a number of major amendments in the Finance Bill 2019, including changes in how the Capital Gains Tax on disposal","og_url":"https:\/\/www.zameen.com\/news\/amendments-introduced-in-finance-bill-2019-to-enforce-new-cgt-regime.html","og_site_name":"Pakistan Real Estate News &amp; Pakistan Property News &amp; Latest Updates - Zameen News","article_publisher":"https:\/\/www.facebook.com\/ZameenPK","article_published_time":"2019-07-01T06:39:45+00:00","article_modified_time":"2020-06-15T09:32:24+00:00","og_image":[{"width":600,"height":350,"url":"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2016\/06\/Budget\u2019-2016-17.jpg","type":"image\/jpeg"}],"author":"Samra Zulfiqar","twitter_card":"summary_large_image","twitter_creator":"@ZameenProperty","twitter_site":"@ZameenProperty","twitter_misc":{"Written by":"Samra Zulfiqar","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/www.zameen.com\/news\/amendments-introduced-in-finance-bill-2019-to-enforce-new-cgt-regime.html#article","isPartOf":{"@id":"https:\/\/www.zameen.com\/news\/amendments-introduced-in-finance-bill-2019-to-enforce-new-cgt-regime.html"},"author":{"name":"Samra Zulfiqar","@id":"https:\/\/www.zameen.com\/news\/#\/schema\/person\/9810bc80e0f6830dcb87310b88ef6293"},"headline":"Amendments introduced in Finance bill 2019 to enforce new CGT regime","datePublished":"2019-07-01T06:39:45+00:00","dateModified":"2020-06-15T09:32:24+00:00","mainEntityOfPage":{"@id":"https:\/\/www.zameen.com\/news\/amendments-introduced-in-finance-bill-2019-to-enforce-new-cgt-regime.html"},"wordCount":448,"commentCount":0,"publisher":{"@id":"https:\/\/www.zameen.com\/news\/#organization"},"image":{"@id":"https:\/\/www.zameen.com\/news\/amendments-introduced-in-finance-bill-2019-to-enforce-new-cgt-regime.html#primaryimage"},"thumbnailUrl":"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2016\/06\/Budget\u2019-2016-17.jpg","keywords":["details on Amendments introduced in the Finance Bill 2019"],"articleSection":["Legal &amp; Taxation"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.zameen.com\/news\/amendments-introduced-in-finance-bill-2019-to-enforce-new-cgt-regime.html#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.zameen.com\/news\/amendments-introduced-in-finance-bill-2019-to-enforce-new-cgt-regime.html","url":"https:\/\/www.zameen.com\/news\/amendments-introduced-in-finance-bill-2019-to-enforce-new-cgt-regime.html","name":"Amendments introduced in Finance bill 2019 to enforce new CGT regime - Zameen News","isPartOf":{"@id":"https:\/\/www.zameen.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.zameen.com\/news\/amendments-introduced-in-finance-bill-2019-to-enforce-new-cgt-regime.html#primaryimage"},"image":{"@id":"https:\/\/www.zameen.com\/news\/amendments-introduced-in-finance-bill-2019-to-enforce-new-cgt-regime.html#primaryimage"},"thumbnailUrl":"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2016\/06\/Budget\u2019-2016-17.jpg","datePublished":"2019-07-01T06:39:45+00:00","dateModified":"2020-06-15T09:32:24+00:00","description":"Islamabad: The government has introduced a number of major amendments in the Finance Bill 2019, including changes in how the Capital Gains Tax on disposal","breadcrumb":{"@id":"https:\/\/www.zameen.com\/news\/amendments-introduced-in-finance-bill-2019-to-enforce-new-cgt-regime.html#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.zameen.com\/news\/amendments-introduced-in-finance-bill-2019-to-enforce-new-cgt-regime.html"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.zameen.com\/news\/amendments-introduced-in-finance-bill-2019-to-enforce-new-cgt-regime.html#primaryimage","url":"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2016\/06\/Budget\u2019-2016-17.jpg","contentUrl":"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2016\/06\/Budget\u2019-2016-17.jpg","width":600,"height":350},{"@type":"BreadcrumbList","@id":"https:\/\/www.zameen.com\/news\/amendments-introduced-in-finance-bill-2019-to-enforce-new-cgt-regime.html#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.zameen.com\/news"},{"@type":"ListItem","position":2,"name":"Amendments introduced in Finance bill 2019 to enforce new CGT regime"}]},{"@type":"WebSite","@id":"https:\/\/www.zameen.com\/news\/#website","url":"https:\/\/www.zameen.com\/news\/","name":"Pakistan Real Estate News &amp; Pakistan Property News &amp; Latest Updates - Zameen News","description":"","publisher":{"@id":"https:\/\/www.zameen.com\/news\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.zameen.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.zameen.com\/news\/#organization","name":"Zameen.com","alternateName":"Zameen","url":"https:\/\/www.zameen.com\/news\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.zameen.com\/news\/#\/schema\/logo\/image\/","url":"https:\/\/news-cdn.zameen.com\/wp-content\/upload\/2015\/09\/Zameen.com_-_Logo.png","contentUrl":"https:\/\/news-cdn.zameen.com\/wp-content\/upload\/2015\/09\/Zameen.com_-_Logo.png","width":600,"height":300,"caption":"Zameen.com"},"image":{"@id":"https:\/\/www.zameen.com\/news\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/ZameenPK","https:\/\/x.com\/ZameenProperty","https:\/\/www.instagram.com\/zameenpk\/"]},{"@type":"Person","@id":"https:\/\/www.zameen.com\/news\/#\/schema\/person\/9810bc80e0f6830dcb87310b88ef6293","name":"Samra Zulfiqar","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2020\/03\/Samra-96x96.jpg","url":"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2020\/03\/Samra-96x96.jpg","contentUrl":"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2020\/03\/Samra-96x96.jpg","caption":"Samra Zulfiqar"},"description":"Samra Zulfiqar, a real estate analyst at Zameen.com, is passionate about finding projects that offer buyers the best returns. Her keen insights spotlight the market\u2019s most promising opportunities.","url":"https:\/\/www.zameen.com\/news\/author\/samra"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/posts\/53097","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/users\/18"}],"replies":[{"embeddable":true,"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/comments?post=53097"}],"version-history":[{"count":9,"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/posts\/53097\/revisions"}],"predecessor-version":[{"id":53107,"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/posts\/53097\/revisions\/53107"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/media\/21322"}],"wp:attachment":[{"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/media?parent=53097"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/categories?post=53097"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/tags?post=53097"},{"taxonomy":"persona","embeddable":true,"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/persona?post=53097"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}