{"id":76962,"date":"2021-06-14T16:43:19","date_gmt":"2021-06-14T11:43:19","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=76962"},"modified":"2021-06-23T11:24:19","modified_gmt":"2021-06-23T06:24:19","slug":"government-announce-flat-5-property-capital-rs5-million","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/government-announce-flat-5-property-capital-rs5-million.html","title":{"rendered":"Govt to tax capital gains exceeding PKR 5mn on immovable property sale"},"content":{"rendered":"\n<p>Islamabad: The government intends to tax the capital gains of PKR 5 million or more on the sale of immovable property and bring property taxation under \u2018normal tax regime\u2019 in budget 2021-22, news sources reported. In Finance Bill 2021-22, the CGT on immovable property was proposed to be amended to flat 5% up to the capital gain totaling PKR 5 million, as compared to existing tax slabs of 2.5 % to 10% &#8211; depending on the revenue generated.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/tax-regime-revision-cards-real-estate-sector.html\" target=\"_blank\" rel=\"noreferrer noopener\">Tax regime revision on cards for real estate sector<\/a><\/p>\n\n\n\n<p>According to government officials, the move is part of efforts to simplify the real estate tax regime and meet revenue projections for the fiscal year 2021-2022 (FY22). Finance Minister Shaukat Tarin announced the move during the budget session and deemed it necessary to adjust the business losses in the current fiscal year<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/requirement-taxpayers-profile-waived.html\" target=\"_blank\" rel=\"noreferrer noopener\">Requirement of filing taxpayers\u2019 profile waived<\/a><\/p>\n\n\n\n<p>However, there is some unrest among the realtors and developers over the proposed tax regime. The real estate industry insiders have flagged the development as a move that will create hurdles for the development of the construction business.<br>However, the members of real estate businesses have met the Federal Board of Revenue (FBR) ahead of budget to voice their concerns, and they are also scheduled to meet the prime minister to resolve the issues pertaining to tax regime change.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The government intends to tax the capital gains of PKR 5 million or more on the sale of immovable property and bring property taxation under \u2018normal tax regime\u2019 in budget 2021-22, news sources reported. In Finance Bill 2021-22, the CGT on immovable property was proposed to be amended to flat 5% up to the capital gain totaling PKR 5 million, as compared to existing tax slabs of 2.5 % to 10% &#8211; depending on the revenue generated. Read: Tax regime revision on cards for real estate sector According to government officials, the move is part of efforts to simplify the real estate tax regime and meet revenue projections for the fiscal year 2021-2022 (FY22). Finance Minister Shaukat Tarin announced the move during the budget session and deemed it necessary to adjust the business losses in the current fiscal year Read: Requirement of filing taxpayers\u2019 profile waived However, there is some unrest among the realtors and developers over the proposed tax regime. The real estate industry insiders have flagged the development as a move that will create hurdles for the development of the construction business.However, the members of real estate businesses have met the Federal Board of Revenue (FBR) ahead&hellip;<\/p>\n","protected":false},"author":84,"featured_media":76290,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[38642,6038],"persona":[],"class_list":{"0":"post-76962","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-capital-gains-tax-on-immovable-property","9":"tag-tax-amnesty-scheme","10":"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>Govt proposes flat 5% CGT on immovable property - Zameen News<\/title>\n<meta name=\"description\" content=\"The government intends to levy a flat 5% Capital Gains Tax (CGT) on the sale of immovable property worth PKR 5 million or more and bring property taxation\" \/>\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\/government-announce-flat-5-property-capital-rs5-million.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Govt proposes flat 5% CGT on immovable property - Zameen News\" \/>\n<meta property=\"og:description\" content=\"The government intends to levy a flat 5% Capital Gains Tax (CGT) on the sale of immovable property worth PKR 5 million or more and bring property taxation\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/government-announce-flat-5-property-capital-rs5-million.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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