Yellow Pages of Pakistan


HomeSalaam Pakistan BlogLive Web TVEnjoy Live RadioVideos on 
DemandImage SearchSatellite Maps SearchCyber Mart Online 
ShoppingMedia 
& News CenterSMS Net Pakistan 
& InternationalGreetings CardsAmazing Tips Sign in FINDPK Mail
Property NET

Live TV Live Radio  |  Videos  |  Images |  SMS | Tips | News

Yellow Pages | Submit Company | e-Business Solutions | Web Hosting | Advertising | Contact us
 

Home Ideas

Services Providers in Pakistan
Property Dealers
Real Estate Companies

Builders in Pakistan
Developers in Pakistan
Contractors in Pakistan
Engineers/ Engineering Services
Architects
in Pakistan
Town Planers in Pakistan
Interior Decorators in Pakistan

Building Material Providers
Housing Projects in Pakistan

Documents Samples
Power of Attorney
Lease Agreement
Sale Agreement

Online Buy/ Sell/ Rent out
FREE SERVICE

Properties For Sale
Properties For Rent
Property Wanted
Property Management-Rent 
House Improvement/ Construction 

CDA
Important Information of Capital Development Authority

City Maps of Pakistan
Satellite Views of Pakistan
Cities/Urban Centers

 

A Comprehensive guide for all property related services in Pakistan

Property Guide

Property Buying Tips
How to Avoid Real Estate Scams?
What real estate decline?
What the budget means for the Property Business?
How to invest in a changing real estate market?


WHAT THE BUDGET MEANS FOR THE PROPERTY BUSINESS?

By Gibran Bham

Don't worry; this isn't going to be some long analysis and thesis on the budget. We're just going to talk about the facts:

The Budget of June 2006 was particularly significant because now, all property transactions would be taxed 2%. This has had an adverse affect: property transactions across the country have ground to a halt as buyers & sellers play a waiting game.

Buyers do not want to make transactions because by doing so, they would probably fall under the radar of the country's Tax Bureau. Sellers, on the other handů

In my hand I've got a copy of the Finance Act 2006, the explanation of important provisions relating to Capital Value Tax (CVT). Here are the main points:

Levy of CVT on urban immovable property transfers falling in the scope of transactions attracting the charge of capital value tax include acquisitions of assets through:

i) Purchase
ii) Gift
iii) Exchange
iv) Surrender
v) Power of Attorney or
vi) Relinquishment of rights

However, transactions from the following through inheritance or gifts have been excluded from its ambit:

i) spouse
ii) parents
iii) grand parents
iv) brother
v) sister

Urban Area means falling in the limits of:

i) Islamabad Capital Territory

ii) A cantonment Board

iii) In case of Karachi, up to 40 kilometers from the outer limit of municipal or
cantonment limits.

iv) In case of Lahore and Faisalabad up to 30 kilometers from the outer limit of
municipal or cantonment limits

v) In other cases, up to 10 kilometers from the outer limits of municipal bodies or cantonment boards and Areas defined as such in the Urban immovable property tax act, 1958 (WP Act V or 1958) and such areas as the Central Board of revenue may, from time to time, by notification in the official Gazette specify.

Here's the system:

a) Immovable Property (other than commercial property and residential flats) situated in urban area, measuring at least one Kanal or 500 sq. yards (which
ever is less):

b) Commercial immovable property of any size situated in urban area:

c) Residential flats with covered area measuring 1500 sq. feet and above:

The above three are taxed in the same way:

i) Where the value of immovable property is recorded is taxed at 2% of the recorded value.

ii) Where the value of immovable property is not recorded is taxed at Rs. 50 per sq. yard of the landed area.


Your Address in Islamabad the Beautiful!
Shaia's River View Apartments Zone V, Islamabad

Sector E-16

Zone II, Islamabad  NOC by CDA
Hurry! Very Limited Residential 500 Sq. Yds. & Commercial 266 Sq. Yds., Plots are Available. Great potential for investment in the prime Real
Estate...╗ find more


Airport Gardens Housing Scheme
Islamabad
NOC by TMA
250 Sq. Yds. & 500 Sq. Yds.,
Plots are available on First Come First Serve Basis
find more
 

Park Road Scheme Islamabad
Ready to build Plots (residential @ Rs350,000/M Commercial @ Rs.400,000-500,000/M) in Tarlai, Islamabad Available. Near CCOL office Tarlai...Zone IV Islamabad Near Comsats University on Main Double Park Road Limited Plots available. Satellite View Location Map   Scheme Map

Only serious buyer contact CCOL: property@findpk.com
Tel: +92 51 250 9188 /0322 5157887

ABU DHABI Towers, F11, ISLAMABAD

Dreams do come true...
100% Work Completed

Al-Safa Heights 2. F11, Islamabad

90% Work Completed

Farm Houses

  • Very Exclusive Farm House available in a Margalla Hills, 36 Kanal
    on the bank of water stream, well grown garden, Natural Water Fountains, 10 Minutes drive from Sarina Hotel. 

    Satellite Site View