Tax to be imposed if property sold before 3 years instead of 5: Dar
Govt shall give legal protection to issues dealt regarding sale, purchase of property: Ishaq Dar
ISLAMABAD (Dunya News) – Federal Finance Minister Ishaq Dar on Saturday was able to hold successful negotiations with a body of real estate developers, builders, property dealers and businessmen on the basis of give and take. It was decided that tax shall be revoked over the sale or purchase of property that was three years old and valued at four million rupees, reported Dunya News.
The property rates of 21 cities of the country were finalised for one year in the meeting. The government backed off from its demand of acquiring the services of experts belonging to the State Bank in regards to determining worth of the property.
Tax was revoked from property that valued at four million rupees and was purchased before June 30, 2013. An agreement was reached over the tax imposed on the sale and purchase of property from July 1 onwards.
Finance minister assured that the government shall give legal protection to the issues dealt regarding the sales and purchase of property. Dar clarified that the government gave no amnesty scheme, further stating that if anyone sold property worth one million rupees for ten million rupees during the past three years then they shall have to pay taxes worth nine million rupees.
