Ahmad Saeed & Company in Lahore, Pakistan | Local business
Ahmad Saeed & Company
Locality: Lahore, Pakistan
Phone: +61 404 230 991
Address: 35-Shahjamal 42000 Lahore, Punjab, Pakistan
Website: http://www.asclawyers.com/
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21.03.2022 Legal awareness Property Law Section in Pakistan by ASC There is a common practice by the Developers and Builders in Pakistan whenever they lodge a Scheme they advertise it in News Papers and Tele Media. The innocent People of Pakistan buy that property without knowing that the title of property is clear in all respects or not. In simple words when you buy a plot in a new society you have to pay some amount in the beginning and rest in equal monthly instalments. The deve...lopers usually issue more allotment letters than the property held by them. They deliberately prolong the matters. People normally avoid litigation and happy to get their money back after the due date of possession. There are big land mafias in Pakistan who are playing such games with the innocent people. Keeping in view of the above make sure that you are paying the instalments against the Plot which falls in the approved society and the developer has already acquired the land of the society. For any legal opinion contact me via email i.e. [email protected] or visit our website www.asclawyers.com
06.03.2022 New Taxes on Property transactions in Pakistan Withholding Tax for Buyers of Immovable Property The Federal Board of Revenue has increased the WHT threshold. The new policy of withholding tax (WHT) will only be applicable on properties worth PKR 4 million or above. WITHHOLDING TAX FOR PURCHASERS OF IMMOVABLE PROPERTY... For non-filers, 4% WHT on purchase of property For filers, 2% WHT on purchase of property WITHHOLDING TAX FOR SELLERS OF IMMOVABLE PROPERTY For filers, 1% WHT on sale of property 0% WHT on sale of properties after 5 years of purchase For non-filers, 2% WHT on sale of property Capital Gain Tax (CGT) Capital Gain Tax (CGT) Capital Gain = Price of property at the time of sale Price of property at the time of purchase Profit on sale of immovable property = Capital Gain Capital Gain on property purchased for 20 LAC sold for 100 Lac (Sold Value as per FBR or new rates & Purchase value as per DC Rates) Tax on property profit = Capital Gain Tax = CGT Capital Gain = 100-20 = 80 Lac Profit On profit of 80 Lac- According to new CGT calculations Within 3 years of purchase 5% CGT on sale of property = 4 Lac Within 2 years of purchase 7.5% CGT on sale of property = 6 Lac Within 1 year of purchase 10% CGT on sale of property = 8 Lac After year of purchase 0% CGT on sale of property = 0 BEFORE 1st OF JULY 2016 CGT PROPERTY TRANSACTIONS 5% CGT is applicable to past transactions and on all properties sold out within 3 years and purchased before 1 July 2016. After 1 July 2016 CGT on Property Transactions After 3 years of holding period 0% CGT on sale of properties Within 1 year of purchase 10% CGT on sale of properties Within 3 years of purchase 5% CGT on sale of properties Within 2 years of purchase 7.5% CGT on sale of properties For the government employees 50% tax relaxation No or 0% CGT to be paid by the relatives who have issued plots of the Martyrs. Note that property price is not what the market value says but the prices fixated by FBR. According to 35-50% of the fair value of property, FBR will start taxing real estate transactions. But in future, all taxes will be collected according to the FAIR MARKET VALUE. Tax on Rental Income Annual rental above 20 Lac = 20% of the gross / amount PKR 210,000 Annual rental 10-20 Lac = 15% of the gross amount / PKR 60,000 plus Annual rental 6-10 Lac = 10% of the gross amount / PKR 20,000 Annual rental income 2-6 Lac = 5% of the gross amount There is no tax on Rental income less than PKR 2 Lac per year and the landlord has no income source other than the rental income. See more
25.02.2022 Important Legal issues need to be considered while buying Properties in Pakistan For Overseas Pakistanis buying property in Pakistan normally is a one off transection in their life. Before investing your savings in property for generating lucrative profits the following important aspects needs to be considered. 1. Due diligence and verification of Property documents before entering into agreement to sell.... 2. To ensure the title of property is clear in all respects before entering into purchase transaction. 3. In Pakistan there are many jurisdictions regarding location of Properties such as Cooperative Housing Societies, Private Housing Schemes, DHA, LDA, CDA, KDA, Behria Town, Cantonment Boards, Municipal Committee, Revenue Records etc. 4. If you buy property in a Society. Make sure that society is approved under Section 10 of *THE CO-OPERATIVE SOCIETY'S ACT. 5. If you buy property located in Revenue Record. Make sure the exact Khsara number needs to be incorporated in the Title Deed. 6. As there are many land authorities in Pakistan so there are different requirements for due diligence of property documents. If you need any legal assistant regarding above issues please don’t hesitate to contact me on [email protected] or visit our website www.asclawyers.com See more
23.02.2022 EID GREETINGS!!!! Wishing all of u a very Happy Eid Greetings. Regards... Team Ahmed Saeed & Co. See more
05.02.2022 HAPPY EID GREETINGS TO ALL OF U....
25.01.2022 The government will scrap the controversial 457 visa and replace it with new "temporary visa" with additional provisions for English proficiency. We are abolishing the 457 visas the visas that bring temporary foreign workers into our country," Prime Minister Malcolm Turnbull said in a video Facebook post. The 457 visa allows businesses to bring skilled foreign workers into Australia to fill shortages in the labour force.
13.01.2022 Topic: Preparation of General Power of Attorney (GPA) or Special Power of Attorney (SPA) by overseas Pakistanis related to their legal matters back home. For General Power of Attorney (GPA) 1. Full Name, Addresses and ID details of Executor/ Principal and Attorney. ... 2. Exact details of Property such as Plot Number, Khasra Numbers etc. 3. Correct reference of Title Document such as Transfer Letter, Sale Deed, Lease Deed, Mutation, Fard Jamabanadi etc. 4. GPA must contain clause of selling of the Property along with other general clauses. For Special Power of Attorney (SPA) 1. Full Name, Addresses and ID details of Executor/ Principal and Attorney. 2. Exact details of Property such as Plot Number, Khasra Numbers etc. 3. Correct reference of Title Document such as Transfer Letter, Sale Deed, Lease Deed, Mutation, Fard Jamabanadi etc. 4. SPA must contain the specific clauses such as looking after the property, preparing building on open plot, look after agricultural land etc. 5. If the powers delegated to the attorney to follow up certain Court Case in Pakistan make sure the Court name, Case Title, Case number etc. must be incorporated in the SPA. Also delegate the powers for all connected matters of that particular case and all appeals required to be filed in the Higher Courts. Procedure of Registration of Power of attorney in Pakistan Every GPA must be registered under Section 17 of the Registration Act 1908 in Pakistan and there is no mandatory requirement for registration of SPA in some cases. 1. When you send power of attorney to Pakistan the first step needs to follow by the attorney is to present the GPA or SPA before the Ministry of Foreign Affairs or its sub offices called Foreign Office in major cities of Pakistan for its authentication / genuineness. 2. Second step to be followed by the attorney is to submit it to the Treasury Office for affixation of adhesive stamp. 3. Third step is to submit the GPA for its registration with the Sub Registrar concerned. Apart from the requirements of Pakistan High Commission or Consulate General of Pakistan every overseas Pakistani needs to consider above issues while preparing GPA or SPA regarding their legal matters in Pakistan. Revocation / Cancellation of GPA or SPA GPA or SPA can be revoked / cancelled in the following manner: 1. The Principal / Executor can cancel all the powers delegated to the attorney at any time by executing deed of revocation/ cancellation of GPA or SPA. 2. At the death of Principal or the Attorney. 3. If the purpose of GPA or SPA has been done. For further information please don’t hesitate to contact me via email i.e. [email protected] or visit our website www.asclawyers.com
03.01.2022 Immigration Minister Peter Dutton said the government is looking at encouraging migrant workers to settle in regional cities and away from the property hot-spots of Sydney and Melbourne. Treasurer Scott Morrison has made tackling housing affordability the centrepiece of the May 9 budget. Mr Dutton said a lot of work has been done between his department, Treasury and Finance to have a look at the economic impact of people settling in Sydney or Melbourne in terms in terms of infrastructure and housing supply.
