What impact and status of Pakistan Real Estate After Budget 2019-20, FBR New Rates and Amnesty Scheme
A must watch the most important video link above. Pakistan Real Estate Amnesty 2019 & New Taxes Explained With Their Impact On Prices By Lahore Real Estate June 2019
- Only FBR rates will have prevailed.
- FBR Property Valuation Rates to be raised to 85% of market value.
- WHT has been reduced from 2% to 1% on transfer of property and will be imposed on all.
- The rate of WHT levied on the purchase of property has been reduced from 2% to 1% of its total value.
- Non-filer can purchase property having worth more than 5 million.
- CGT at a normal tax rate.
- New Capital Gains Tax Regime for immovable properties.
- Banks will now be more involved in all real estate transactions.
- Although non-filers have now been allowed to purchase properties individually valued higher than PKR 5 million, all such acquisitions will have to be processed through crossed banking instruments – otherwise, the property pursuant would be required to pay an additional 5% penalty on the FBR value of the real estate considered.
- The time limit has been extended for Tax exemption on the selling of property.
- Plot sold within first-year tax rate will be 100% on the gain
- After the first year but before ten year tax rate will be 75% on the gain
- After 10 years no tax will be deducted
For Constructed Property
- 100% on the gain in the first year
- After the first year but before fifth year tax rate will be 75% on the gain
- After 5 years no tax will be deducted
Please, also you must read this 2nd amnesty of real estate sectors for non-filers that everyone missed. I have shared the above news link that gives you some idea of 2nd real estate amnesty scheme too. In next year non-filers can buy any property. They can buy any property with any funds. Non-filers will pay only 4% tax on current market prices and no question will be asked for entire purchase source and no capital gains tax until your sale price above that amount. Keep in mind buying must be done on bank drafts only. Never buy any property on cash and if you do you will be fined 5% plus purchase price will be ZERO for tax purpose and hefty tax 35% at sale if even you sell at loss the property you bought with cash. SO NO NO NO to cash buying in future.
Huge break for the real estate sector for non-filers. They can buy a property with any black money. Pay 4% after July 1st 2019 0n any price purchases. Than after buying they can become tax filers. Entire purchase will become legal white money. No fear of FBR asking where you got this money for buying to a non-filer. Also trillions that are being whitened in real estate cash gold converted to cash registered bonds registered vehicles with find most of the money reinvested into real estate.
My point of view is always different from the entire market and to properly understand my logic of coming good days again in property in about one year at max are explained in above video in detail so please spare time to view understand share and spread my message so it can benefit millions of Pakistanis that are not able to understand complicated tax matters .
We will update you soon with many more new detailed Videos
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