is plot sold part of income for salaried person?

Question

I have sold plot and used money for house construction.  Whether this money will be part of income for salaried person? After home construction whether value of my plot will increase in my income tax returns assets after converted to home? Whether I have to show this money in my expenses also?

Answer 1

Sale of a plot is considered capital gain, not salary income, so it is taxed under capital gains rules (Sale price - purchase price = Gain Income).
Money used for house construction will be increased in value of house.In your wealth statement, the plot asset will be replaced by the house (constructed property) at its cost value.
Ensure proper record (sale deed, construction invoices) to justify the source and utilization before FBR.