04/12/2022
FBR has won all the cases against Section 7E. Waiting for Lahore High Court but start preparing yourself as it is predicted that Section 7E will be start implementing soon.
*Conclusion of this judgement is that all petition are dismissed and tax imposed on deemed income u/s. 7E which is introduced under finance act, 2022*
سیکشن 7ای کے تحت جس شخص کے پاس ایک سے زاںٔید پراپرٹی ہو اور ان کی ویلیو 2.5 کڑوڑ سے زاںٔید ہوگی تو اس پر ٪1 ٹیکس دینا ہوگا۔ اگر آپ نے ریٹرن فاںٔل کردیا ہے تو 30 دسمبر سے پہلے پہلے یہ ٹیکس جمع کروانا ضروری ہے۔ اور گر نہیں کیا تو ریٹرن کے ساتھ یہ ٹیکس جمع کراںٔیں۔
Example:
1st Property Value: 15,000,000
2nd Property Value: 11,000,000
3rd Property Value: 1,000,000
Total Value of all property: 27,000,000/-
Tax 1% applied^: 270,000/-
Exemption:
The place where taxpayer is living (One Capital Asset)
Rental Property
Business Premises (Self-owned business premises from where the business is carried out by the persons appearing on the active taxpayer’s list at any time during the year)
Agriculture property (Where cultivation is being made and is being declared in the return too)
Property purchased in the same fiscal year and 236K tax is also paid.
All above are exempted
