Sohail

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I have bought a plot for 30 million whereas it’s FBR value is 6 million, what purchase price shall I show in return, as I am paying Advance tax on 6 million not 30 million.

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Dear Col R Sohail,

If you had complete white money which you used to purchase the plot, kindly declare it as such, or else when you sell it, you will have to pay the CGT for the 24 Million you have not shown in your returns.

Yes, you can declare the original amount without paying any extra tax.

Jazak Allah

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