Monday July 15, 2024

No need to disclose source of money while buying property

By Hanif Khalid
November 29, 2016

ISLAMABAD: The National Assembly’s Standing Committee on Finance has recommended amendments to the Income Tax Amendment Ordinance 2016, according to which three percent tax will be deducted from investors in case of immovable property.

The three percent tax will be payable on the difference between the DC rate and the FBR notified rate of the property and the source of income will also not be asked. The Article 111 of the Income Tax Ordinance 2001 will be amended in this regard and this amendment will be approved before December 10.

The government agreed to the amendment upon constant pressure by different organisations of traders and realtors who argue that with a boom in the construction business, 72 industries will flourish. Since it is a money bill, it doesn’t need approval from the Senate.