advance tax

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aoa sir i need ur guidance about advance tax on property .i have 3 marla plot in alfalah town i have paid cvt and stamp but now they are asking for 3 percent advance tax while my plot dc value is approx 9 lakh .its under walton cantonmnet please guide me about the taxes i have to pay

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Dear Huzair,

Seems you have recently purchased it, i will suggest that you wait a bit before submitting your taxes. Hopefully this tax will be taken back by the FBR and if not the real estate association plans to go to the court against it.

The tax is only applicable to you if you do not have white money for the value of the money between DC rate and FBR value of the property you have purchased.

Jazak Allah

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