I have just completed the purchase of a cda plot. What are my obligations to cda now? Do i have to pay any taxes on a regular basis? Any other charges? Is there anything about which cda and i will ever communicate about as long as i have the plot? Islamabad area experts, please advise
Bhai jaan, first of all to chill kero...
Where you have purchased the plot?
Is it with possession or not?
Regards
Yes Mr Khan, it is with possession in D-12/4.
U don't need to pay any taxes as u would have paid CVT/WHT on transfer. But you will need to pay CGT if you intend to sale before 5 years since the date of purchase.
And maybe someone can highlight it better but i think you need to submit a wealth statement. There is no tax to pay on it but it is to declare your assets. I think it is mandatory since 2015.
Arshad Sb what is this thing about Wealth Statement? I don’t like this. How to avoid it
Hmm not so sure but don't do anything is the only way to avoid. I don't know the consequences of not submitting it by the way. Maybe someone here with this knowledge can help.
But i think you are not alone. Majority don't file it or don't even know about it i guess
Ok thanks… I’m sure things will be relaxed in CDA because almost everyone here is corrupt and nobody wants to give taxes.
Hmmm…maybe I should contact Mossack Fonseca in Panama …
You bought a plot in D-12/4. Did not buy the whole of Islamabad to contact MF
The crux is you should be able to demonstrate the source of funds that you used to purchase the plot. As long as you have clear evidence of your earnings and tax payments (if your earnings were local) and bank transfer (if your money was sent from abroad), then you should be on good ground.
The only payment you need to make/ worry about would be the non-construction charges/ penalty, if they have imposed any such in the said sector.
Regards
Paki-1: As an overseas Pakistani, I am a non-filer in Pakistan. Therefore I should not anticipate a meeting with Mr FBR, correct?
Good point, I will check up on that with CDA from time to time
From the taxation point of view, still DHA and BT are the best. Zero tax. That seems to be OK as RDA/CDA/Cantt are not doing/investing anything from the state funds. There are no taxes in both townships.
I did a mistake in buying in cantonment as I received lately lac of Rupees tax notice. I filed an appeal and being murdered in the offices!.
Will neve ever buy any commercial in these areas.
Ab Tax department ki raal tapuk rahi hay BT aour DHA ko bhi tax net main lanein ka liye!
How stupid: What are they supplying to these areas? They are doing no roads, no Drainage system, no security, no power, no water? Then why claim tax??
From the taxation point of view, still DHA and BT are the best. Zero tax. That seems to be OK as RDA/CDA/Cantt are not doing/investing anything from the state funds. There are no taxes in both townships.
I did a mistake in buying in cantonment as I received lately lac of Rupees tax notice. I filed an appeal and being murdered in the offices!.
Will neve ever buy any commercial in these areas.
Ab Tax department ki raal tapuk rahi hay BT aour DHA ko bhi tax net main lanein ka liye!
How stupid: What are they supplying to these areas? They are doing no roads, no Drainage system, no security, no power, no water? Then why claim tax??
Dear Nadeem sb,
As a owner of a residential plot in Capital territory, you need to file your income tax return alongwith a wealth statement if your Pakistan source income is more than 500,000 in a year. Otherwise be prepared for FBR notice.
But what if I have no income from any source in Pakistan? (meaning only source of income is an overseas job). Do I still have to deal with FBR?
Nadeem sb, i dont think u need to worry abt fbr.
Regards
Dear NadeemK there are many conditions that let you fall in Tax filling. You may avoid all problems by just filling "Nil" Income Tax return under "Non REsident status" online.
If you file a wealth statement along with income tax return shall ease you from explainations on Source of Income in futur.
Please note there is no CGT if you sell property after two years possession, but as a evidance you need a weath statement again to avoid FBR.
Always prepare a formal sale purchase agreement and follow the law thats it.
Am also a Non resident but filling my returns since 16 years without any tension under Non resident status.
Thank you Faisal, this is very helpful. Will look up their website.