I have been reading about this new tax law for a while , has it been implemented ?
I have also heard that there will be no transaction b/w buyer or seller without an evaluator whose work is to determine the property value by which seller will be in obligation to sell his property around that market property value. , to what extent is this true ?
Also , scheme 33 ( karachi ) had a magical boom since last year , the residential plot 120 sq yard which was on sale for 25-35 lac now they are up on sale for about 45-55 lac approx , is there a chance that scheme 33 property value may go down ?
Thank you
Yasir, yes, tax law has been enacted, but it's practical implementation (for the property valuation by independent valuators) is yet to be started. Right now there are negotiations underway between property market reps and govt on the issue. The first round has been successful and both sides have agreed to find a middle ground. A committee comprising both sides has been formed to collect current market value of major properties in big cities. The next round of talks will conclude with new fixed value higher than current DC value I suppose.
Govt had also signaled a one-time amnesty for past transactions. Let's see if the other side picks it up. This would mean billions of quick tax collection by the govt and peace of mind for owners.
BTW there is another thread on the topic, I would request Admin to merge the two.