Property

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sir, i purchase property before 30 june 2016 and sold it before 30 june2016 i have to paid any cgt?

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Yes , if you want to show that you have sold it on profits. CGT has always been there , it is not a new tax , however most people do not pay it .  CGT is paid in your annual income tax returns and not on the time of transfer . To calculate how much you have to pay please read our article in detail .

Do remember if you do not show any gains on your capitals , the excess amount can not be shown as white money. However you can use it to buy another property and reinvest and this way you wont have to pay any CGT.

 

Jazak Allah

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Dear sir,

Under section 262 C of FBR act you have to pay CGT at 10% of the profits and show it on your annual return. It’s up to you to declare the profit, as a law abiding citizen I’d recommend declaring it so that your 90% of the profit would be white money. In case you decide not to declare it I would advise reinvesting it in property again.

warm regards,

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