{"id":78813,"date":"2021-08-13T15:35:04","date_gmt":"2021-08-13T10:35:04","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=78813"},"modified":"2021-08-13T15:35:09","modified_gmt":"2021-08-13T10:35:09","slug":"advance-tax-sale-purchase-immovable-property","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/advance-tax-sale-purchase-immovable-property.html","title":{"rendered":"Advance tax rate on sale, purchase of immovable property shared"},"content":{"rendered":"\n

Islamabad: The Federal Board of Revenue (FBR) on Thursday (August 12) has updated and issued the Withholding Tax (also known as Advance Tax) rate on sales and purchases of immovable property<\/a>, according to a news report shared today (Aug 13). The amendments were made by the supreme tax agency in accordance with sections 236C and 236K of the Income Tax Ordinance, 2001.\u00a0<\/p>\n\n\n\n

Read:<\/strong> FBR issues deadline for integration of tier-1 retailers with revenue authority<\/a><\/p>\n\n\n\n

As per the details, if the seller of an immovable property is tax filer, he will pay Advance Tax at the rate of 1 percent. The tax rate will be increased by 100% i.e. 2% if the property seller doesn\u2019t have his name on the Active Taxpayers List (ATL).<\/p>\n\n\n\n

The news source further revealed that the notified tax will be minimum if a property is purchased and sold off within the same year. The tax will otherwise be adjustable. It was further mentioned that the Advance Tax will not be applicable if a property is sold after four years of its purchase.<\/p>\n\n\n\n

Read:<\/strong> FBR notif<\/a>i<\/a>es steel products\u2019 fixed value for taxation purposes<\/a><\/p>\n\n\n\n

Similarly, purchasers (tax filers) of property will pay 1% of the transaction made on the basis of its fair market value. For non-filers, the tax rate will be 2%. According to tax experts, the person responsible for collection of payments in instalments shall collect the tax from the purchaser or allottee of the property.<\/p>\n","protected":false},"excerpt":{"rendered":"

Islamabad: The Federal Board of Revenue (FBR) on Thursday (August 12) has updated and issued the Withholding Tax (also known as Advance Tax) rate on sales and purchases of immovable property, according to a news report shared today (Aug 13). The amendments were made by the supreme tax agency in accordance with sections 236C and 236K of the Income Tax Ordinance, 2001.\u00a0 Read: FBR issues deadline for integration of tier-1 retailers with revenue authority As per the details, if the seller of an immovable property is tax filer, he will pay Advance Tax at the rate of 1 percent. The tax rate will be increased by 100% i.e. 2% if the property seller doesn\u2019t have his name on the Active Taxpayers List (ATL). The news source further revealed that the notified tax will be minimum if a property is purchased and sold off within the same year. The tax will otherwise be adjustable. It was further mentioned that the Advance Tax will not be applicable if a property is sold after four years of its purchase. Read: FBR notifies steel products\u2019 fixed value for taxation purposes Similarly, purchasers (tax filers) of property will pay 1% of the transaction made on…<\/p>\n","protected":false},"author":84,"featured_media":75334,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[47534,47535],"persona":[],"class_list":{"0":"post-78813","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-advance-tax-rate-on-sale-purchase-of-immovable-property-shared","9":"tag-fbr-announces-tax-on-property","10":"cat-15015-id"},"acf":[],"yoast_head":"\nAdvance tax rate on sale, purchase of immovable property - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The Federal Board of Revenue (FBR) on Thursday (August 12) has updated and issued the Withholding Tax (also known as Advance Tax) rate on sales\" \/>\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\/advance-tax-sale-purchase-immovable-property.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Advance tax rate on sale, purchase of immovable property - 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