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ISLAMABAD: Finance Bill 2024 has proposed a flat rate of 15 percent on gain from disposal of immovable property acquired on or after July 1, 2024.

Explaining the Capital Gains Tax on Immovable Property, a tax expert stated that the Capital gains on disposal of immovable property are presently taxable at varying rates up to 15% depending on holding period and the class of property (open plots, constructed property and flats).

Immovable properties disposed after specified holding period are subject to 0% tax. There is no change in capital gains tax regime for properties acquired before July 1, 2024.

A flat rate of 15% is proposed on gain from disposal of immovable property acquired on or after July 1, 2024, by persons appearing in ATL on the date of disposal, regardless of the holding period. For persons not appearing in ATL, progressive tax rates on income with the minimum tax of 15% have been proposed.

Major urban cities: Valuation of immovable properties to be increased to 90pc

Tax expert further stated that a uniform rate of 15% proposed on capital gain on disposal of securities as well as on immovable properties which are acquired on or after 1 July 2024 for the persons whose names are appearing on the ATL. Whereas for persons who are not on the ATL at the acquisition and disposal dates, capital gain proposed to be taxed as normal income subject to minimum tax rate of 15%, he added.

Copyright Business Recorder, 2024

Comments

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Nadeem Sheikh Jun 24, 2024 07:30am
People should rather file returns to avail this 15% gain tax thing
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Kamran Rauf Jun 24, 2024 08:15am
If so much taxation is done on the already destroyed property business then its repercussions will be felt within a year.
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FARRUKH SAEED Jun 24, 2024 09:13am
WHAT IS ATL? PLEASE USE PROTOCOLS FOR US OF ABBREVIATIONS
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FARRUKH SAEED Jun 24, 2024 09:13am
WHAT IS ATL
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Naveed Ali Jun 24, 2024 01:56pm
@FARRUKH SAEED, Active Taxpayer List
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Umer Jun 24, 2024 03:04pm
Atl. Means active taxpayer list.. and anyone can check it online.
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qazi ansar Jun 24, 2024 06:54pm
@FARRUKH SAEED, active taxpayer list
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yasir mushtaq Jun 24, 2024 07:01pm
@FARRUKH SAEED, its active tax payer's list, Those who file annual returns are called filers and enjoy benefits like lower taxes. E mail if you want tax services
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Tariq Jun 24, 2024 07:27pm
@FARRUKH SAEED, Active Tax payer List
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Faizan Jun 25, 2024 01:14am
@FARRUKH SAEED, active tax payer list
thumb_up Recommended (0)
Saad Islam Jun 25, 2024 07:06am
@FARRUKH SAEED, ANNUAL TAXPAYER LIST
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Saad Islam Jun 25, 2024 07:06am
@FARRUKH SAEED, ANNUAL TAXPAYERS LIST
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Hammad Shakil Jun 25, 2024 09:06am
@FARRUKH SAEED, active tax payer list which means one who has filed tax return
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Sukiana Sikandar Jun 25, 2024 09:07am
Government of Pakistan is bent upon destroying its tax collection. This huge tax is a punishment to tax payers. It will further damage buying power of the common man.
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Zain Ashraf Jun 25, 2024 12:14pm
@FARRUKH SAEED, Active taxpayers list
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Sami Jun 25, 2024 03:22pm
@FARRUKH SAEED, Active tax payer list
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Qaiser Jun 25, 2024 11:04pm
See , the electric bill,Every citizen of Pakistan is ATL. The one who has no electricity bill.Is not in the list of ATL.
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