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Taxes on immovable property

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in Withholding Tax (WHT) by (20 points)
I am purchasing a property valuing 45 lac. The DC value of the property is 22 lac and FBR value is 21 lac. At what value will I pay provincial and FBR taxes? Also what value will I declare in my assets?

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by (11.0k points)

DC value and FBR value is same. You might have some misunderstanding regarding treating them different. Taxes are based on DC value or FBR Property Valuation.

by (20 points)
If I declare actual purchasing value 45 lac in my tax return, can FBR question on paying low taxes on DC/FBR value instead of actual value?
by (11.0k points)
No. The advance tax paid on purchasing property are adjustable/refundable. So it doesn't make any sense of FBR's objection on paying low taxes. The DC/FBR valuation is already to avoid paying low taxes.
by (20 points)
Thankyou for your response.

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