Real Estate and Property Income Taxes

Benefits of Income Tax Return Filing

Income From Property

The rent received or receivable by a person for a Tax Year shall be chargeable to tax in that year under the head income from property.

Rent means any amount received or receivable by the owner of the land or a building as consideration for the use or occupation of, or the right to use or occupy the land or building and includes any forfeited deposit paid under a contract for the sale of land or building.

Advance Tax on Sale or Transfer of Immoveable Property (236 - C)

Any Person responsible for registering or attesting transfer of any immoveable property shall at the time of registration or attesting the transfer shall collect from the seller or transferor advance tax at the rates specified in Income Tax Ordinance. This advance tax is adjustable in particular Tax Year through filing Income Tax Return.

Advance Tax on Purchase or Transfer of Immoveable Property (236 - K)

Any Person responsible for registering or attesting transfer of any immoveable property shall at the time of registration or attesting the transfer shall collect from the purchaser or transferee advance tax at the rates specified in Income Tax Ordinance. This advance tax is adjustable in particular Tax Year through filing Income Tax Return.

Tax on Purchase or Transfer of Immoveable Property (236 - W)

Every Person responsible for registering or attesting transfer of any immoveable property shall at the time of registering or attesting the transfer shall collect from purchaser or transferee advance tax at the rate of three per cent of the amount computed. This advance tax is not adjustable.

Capital Gain Tax on Disposal Of Capital Assets / Immoveable Property

A Gain arising on the disposal of a Capital Asset / Immoveable Property by a Person in a Tax Year, other than a gain that is exempt from tax shall be chargeable to tax in that year under the Capital Gains head prescribed by the rates therein. The Gain arising on the disposal of capital Asset / Immoveable Property by a person shall be computed in accordance with the following formula

A - B

Where,

A is the consideration received by the person on disposal of the Asset/Immoveable Property:

B is the cost of the Asset / Immoveable Property

We at Tax care are available to help and advice you on Property Income and Real Estate Transactions taxes with our expert opinions and best possible solutions for your Real Estate Taxation related issues.

Footer Logo

Tax Care

Address: Suite No. 23, Ali Plaza, 3 Mozang Rd, Mazang, Lahore, Punjab 54000

Phone: 0345 4844646

Emai: info@taxcare.pk

© Copyright 2018, All Rights Reserved

Powered by: ebizlogics Managed By: Destiny SEO