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A Comprehensive guide for all
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Property Guide»
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How to Avoid Real Estate Scams?
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What real estate decline?
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What the budget means for the Property Business?
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How to invest in a changing real estate market?
WHAT THE BUDGET
MEANS FOR THE PROPERTY BUSINESS?
By Gibran Bham
Don't worry; this isn't
going to be some long analysis and thesis on the budget. We're just going to
talk about the facts:
The Budget of June 2006 was particularly significant because now, all
property transactions would be taxed 2%. This has had an adverse affect:
property transactions across the country have ground to a halt as buyers &
sellers play a waiting game.
Buyers do not want to make transactions because by doing so, they would
probably fall under the radar of the country's Tax Bureau. Sellers, on the
other hand…
In my hand I've got a copy of the Finance Act 2006, the explanation of
important provisions relating to Capital Value Tax (CVT). Here are the main
points:
Levy of CVT on urban immovable property transfers falling in the scope of
transactions attracting the charge of capital value tax include acquisitions
of assets through:
i) Purchase
ii) Gift
iii) Exchange
iv) Surrender
v) Power of Attorney or
vi) Relinquishment of rights
However, transactions from the following through inheritance or gifts have
been excluded from its ambit:
i) spouse
ii) parents
iii) grand parents
iv) brother
v) sister
Urban Area means falling in the limits of:
i) Islamabad Capital Territory
ii) A cantonment Board
iii) In case of Karachi, up to 40 kilometers from the outer limit of
municipal or
cantonment limits.
iv) In case of Lahore and Faisalabad up to 30 kilometers from the outer
limit of
municipal or cantonment limits
v) In other cases, up to 10 kilometers from the outer limits of municipal
bodies or cantonment boards and Areas defined as such in the Urban immovable
property tax act, 1958 (WP Act V or 1958) and such areas as the Central
Board of revenue may, from time to time, by notification in the official
Gazette specify.
Here's the system:
a) Immovable Property (other than commercial property and residential flats)
situated in urban area, measuring at least one Kanal or 500 sq. yards (which
ever is less):
b) Commercial immovable property of any size situated in urban area:
c) Residential flats with covered area measuring 1500 sq. feet and above:
The above three are taxed in the same way:
i) Where the value of immovable property is recorded is taxed at 2% of the
recorded value.
ii) Where the value of immovable property is not recorded is taxed at Rs. 50
per sq. yard of the landed area.
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Zone V, Islamabad
Sector E-16
Zone
II, Islamabad
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Islamabad
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Park Road Scheme
Islamabad
Ready to build Plots (residential @
Rs350,000/M
Commercial @ Rs.400,000-500,000/M) in Tarlai, Islamabad Available. Near CCOL office Tarlai...Zone
IV Islamabad Near Comsats University on Main Double Park Road Limited Plots available.
Satellite
View Location Map Scheme
Map
Only serious buyer contact CCOL:
property@findpk.com
Tel: +92 51 250 9188 /0322 5157887
ABU DHABI Towers, F11, ISLAMABAD
Dreams do
come true...
100% Work Completed
Al-Safa Heights
2. F11,
Islamabad
90% Work Completed
Farm Houses
- Very Exclusive Farm House available in
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on the bank of water stream, well grown garden, Natural Water Fountains, 10
Minutes drive from Sarina Hotel.
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