Aoa,
I purchased a plot in oct 2016 in gulshan abad rawalpindi. I have sold it today. The gain is less than 5 million. How much % gain tax i'll have to pay in 2020?
According to the finance act 2020, there is 25% of the total gain tax payable during 4th year of sale, not full. Is it applicable now? From 1st july?
Because the society is asking me to pay full gain tax according to 2019 rule with old percentages, etc.
Okay I just found out that all dealers, society people and everyone else I met refer to Advance Tax as Capital Gains Tax.
This tax is 2% for non-filers and 1% for filers at the time of sale. There is no change in this tax in the New Finance Act 2020, and this is why I have to pay the full amount.
Capital Gains Tax is the tax which the person has to pay when he files his Tax Return and it has nothing to do with Property Transfer.
Most of us needs some serious education!