7E Property Tax | Must file Capital Asset | Payment of Tax | Whether we need to pay or wait | FBR |

Anyone interested to learn Pakistan taxation including E-Filing of both sale tax and income tax please WhatsApp or call at 03007574731.
Click on below WhatsApp link for further details of Practical Taxation Course
wa.me/message/...
Income tax Includes
1. Section-149 Income from Salary
2. Section-155 Income from Property
3. Section-153 Payment of goods, service and contract
4. Section-147 Advance income tax
5. Section-148 Import
6. Section-231AA and 236P Advance tax on certain banking transection
7. Section-231B Advance tax at the time of registration of private motor vehicle
8. Section-235A Tax collection from domestic electric bills
9. Section-236 Tax collection from telephone users
10. Section-236B Advance tax on purchase of domestic air ticket
11. Section-236F Advance tax on cable operator and other electronic media
12. Section-236G Advance tax on sale to distributor, dealer and wholesalers
13. Section-236H Advance tax on sale to retailers
14. Section-236I Advance tax by educational institutions
15. Section-236U Advance tax on insurance premium
16. Section-236X Advance tax on Tobacco
17. Section-236Y Advance tax on remittance abroad through credit, debit or prepaid cards
18. Fine and penalties
19. Section-177 Audit
20. Treatment of provision for bad and doubtful debts
Sale Tax Includes
1. What is sale tax or indirect tax and concept of VAT
2. Difference between Input and Output tax
3. Further tax and extra tax
4. Calculation of Sale tax
5. Advance sale tax
6. Withholding Sale tax
7. Debit and credit notes
8. Admissible credit
9. Annexure A, B, C, F,H, J and I with practical example
10. Supply and purchase register
11. Stock or consumption sheet
12. Concept of Punjab Revenue Authority (PRA) and Sindh Revenue Authority (SRB)
E-Filing
1. Monthly sale tax return
2. Withholding Statement
3. Reconciliation of sale tax return
4. Reconciliation of wealth
5. Annual income tax return of Salary Individual
6. Annual income tax return of Company
7. Annual income tax return of Business Individual / Retailer or Trader
8. Annual income tax return of AOP
All above section will be cover with practical example and online filing.
Regards,
Faheem Mehboob
ACCA Member
03007574731

[@ijlalhaider2121]

Very good explanation. Excellent

[@faheempracticallearning]

👍

[@sarfarazsiddiqui6134]

Very impressive, clear and concise, Masha Allah I have few property having good FBR value but zero market value 1) as the area in on nala and restrictions in construction and another one 2) Supreme Court has ordered to cancel the allotment as it was on park land Important The property is declared in my wealth at cost prise. The fair market prise is zero Question In 7E should I mentioned prise as zero with remarks or FBR value is to be mentioned. If I mention FBR value my assets will cross PKR 25 million. Regards

[@noorulislam5284]

Thanx alot, very important information.

[@faheempracticallearning]

👍

[@syedaunzaidi1796]

Great..

[@faheempracticallearning]

👍

[@abumuaviyah]

Correct

[@faheempracticallearning]

👍

[@starassociates6442]

Sir good nice information ❤

[@ammarali99]

Sir love you ❤❤❤❤❤

[@faheempracticallearning]

👍 👍

[@ntechlearninghub]

Sir very informative concise and clear videos. Thanks to aware the public. My question is that I have agriculture property and income is declared every year as exempt income. I myself is not farmer but land is given on theka. Does this land is exempt from 7E tax. Secondly does property in name of wife also declared in all previous return will fall under 7E tax

[@mahmoodkhan4184]

In 2024 return I have filled the 7E form however the same was not filled in 2023 return. It was declared in wealth statement only. Is there any complication arise when I want to sale them. Pls gúde

[@faheempracticallearning]

@@mahmoodkhan4184 no issue, just file now with tax return of 2024

[@shahzadqurashi3942]

سلام سر FBR. کے SRO 345(I)2022. کے مطابق 20 سال سے زیادہ پرانے گھر کی fair market value وہ ہو گی جو خالی پلاٹ کی ہے یعنی Area of house plot in sq yds × open plot per sq yd value by fbr اسی طرح commercial property جو 20 سال پرانی ہے اس پر 10% depriciatipn کی اجازت ہے معلوم یہ کرنا ہے کہ کیا ہم اسی طرح fair market value معلوم کریں یا بغیر depriciation کے

[@TheUmaiz]

25m Sy km ha, tuo b same capital asset m he report kren gae?

[@faheempracticallearning]

yes must

[@nadeemahmed3295]

Sir me apse income tax course krna chta hu please course fee bta de,

[@faheempracticallearning]

Click on below WhatsApp link for further details of Practical Taxation Course wa.me/message/5BNUTBJFAPHUN1

[@miansaeed2001]

Inherited property ki reporting 0 ki hai phr purchase rate ma o aur fair market value ma bhi 0 lekhain ??

[@faheempracticallearning]

@@miansaeed2001 yes

[@ammadurrehman9447]

Can we change (Reduce) belive wrongly declare FMV of a property in 7E form in 2023 return and make new (lower) FMV value in tax return 2024?

[@faheempracticallearning]

Yes, ok no issue

[@YTpremium-s9k]

Sir Do we need to show the mobile bank accounts on IRIS such as SadaPay and NayaPay....Or just the original bank accounts such as ABL HBL etc?

[@faheempracticallearning]

Yes, 1st we need to check from which source money come

[@usamakhalid6078]

Virasat mai mili property ko kesay add krrty hain

[@faheempracticallearning]

Same as reported in wealth

[@TamjeedSohail]

I have one question. Since Islamabad High court has declared 7E ultra vires. Can I use the judgement in the writ petition submitted in Islamabad High Court as a basis to claim exemption on my capital asset in Islamabad? I wasn't part of the writ petition. Is that going to be a problem?

[@faheempracticallearning]

No issue, for this, now case already pending before supreme Court, superior court decision prevails

[@TamjeedSohail]

​@@faheempracticallearning Thank you for your reply!

[@faheempracticallearning]

@@TamjeedSohail 👍 👍

[@Humail-bv2fe]

Very well explain sir, i need your Excel file of iris where you do all workings prior to punching in iris portal , please assist how i can get that.

[@pakistanzindabad7587]

Property sell krty time 1% Tax avoid krny k leye, 7E Capital Assets may Property sirf mentioned hona lazmi hay (if not exempted)?? ya Exempted hona lazmi hay??

[@faheempracticallearning]

Yes also need to mention exempted

[@jnokia2303]

What should we write in FMV if value of property not shown in FBR valuation table?

[@islamtonic]

Faheem sb, is it mandatory to declare both types of values, i.e., Cost Price and FBR Value, in the Capital Assets Form for ITR 2024, or can we declare it based only on its Cost Price?

[@YTpremium-s9k]

Sir Do we need to declare Mobile bank account such as SadaPay and Naya Pay?

[@AbdulBasit-fy5jc]

Same Query

[@faheempracticallearning]

Yes, 1st we need to check from which source money come

[@ImtiazAhmad-pk1sx]

Sir agr plot constructed hai to s ki FMV me construction ki value add karey gay ua sirf plot ki FMV likhy gay.

[@faheempracticallearning]

@@ImtiazAhmad-pk1sx wait for next lecture

[@ImtiazAhmad-pk1sx]

@@faheempracticallearning ok sir

[@faheempracticallearning]

@@ImtiazAhmad-pk1sx 👍

[@alihira7822]

​@faheempracticallearning ager main 2025 main Capital asset ka form fill krdn tu koi issue tu nai hoga kr skta hn computation main capital asset ka form, property tu next five year tk koi chance nai k sale ho

[@ZafarIqbal-ps6tz]

Fbr valuation table shows value of land, how we will calculate construction value of the house. I have 10 marla house constructed 30 years ago. How can report fair value of my house. Pls guide, tks

[@faheempracticallearning]

Wait for next lecture

[@shahzadqurashi3942]

As per fbr table after 20 yrs nuilt up residetial property will be equal to open plot value. Area of house in sq yrd × fair market value It is shown in karachi table,rest of the cities will also have the similar condition.

[@ntechlearninghub]

Sir how to mention inherited property value in 7E . Its value is declared zero in previous returns.

[@faheempracticallearning]

Report same

[@zahidiqbalrana8393]

I pirchased a property in 2020 and declared in my returns according and same is beingmentioned in my assets. Should I fill the 7E form now in my return of 23-24 ?

[@wasimjan6022]

On sale of inherited property, the tax rate will be charged as filer and non filer??

[@faheempracticallearning]

it is depend on the status of tax payers

[@faisalnaveed2805]

آپکے آفس کا ایڈریس کیا ھے ۔ وزٹ کرنا ہو ٹو کیس وقت ہو سکتا ھے

[@faheempracticallearning]

0300-7574731 pls contact on this number

[@MansoorAqil123]

Is the 7E tax applied to plots owned by overseas Pakistanis?

[@faheempracticallearning]

no, but still, we need to file this certificate, so that at the time of sale of property we can get the certificate , but tax not need to pay by non residents

[@nailagul5651]

Sir, If inherited property is commercial and we get rental income and pay property tax too. Is it fine to report it's FMV and Cost Value at zero? Kindly guide!

[@nailagul5651]

AOA Sir, I've reported inherited property at zero value in wealth statement. How to report its FMV and CV in 7E ?

[@faheempracticallearning]

w.salam report same

[@muhammadrizwan3217]

Assalamoalikum Faheem bhai, agar father ne 7 ya 8 saal pehly apny son ko koi property ya cash gift kia ho aur father aur son filer na hon, aur son ab 2024 mein first time return file ker raha ho tau ab return mein in gifts ka proof dena zaroori hai ya bas mention ker den k ye cash ya property father ne gift ki thi?. Thanks in advance..

[@sikandarraza7806]

JIS NAY LAST YEAR REPORT KAYYA HA 7 E WOH IRIS PAR AA RAHA HA TO OS KO TO KUCH NHI KARNA SIR

[@faheempracticallearning]

no, just add, new property if any

[@sikandarraza7806]

@faheempracticallearning Sir Same Ha No Change Any Value Or Any Thing

[@faheempracticallearning]

@@sikandarraza7806 thn ok, file same

[@sikandarraza7806]

@@faheempracticallearning Thanks Sir

[@kazimabdullatif2004]

If a person want to sell his property in coming month i.e Oct 24, will the land revenue department ask for Tax 2024 7E certificate or from Tax Year 2022?

[@Faisalkhan-ys3xx]

Sir Private job bank main aik banda krta hai Wo sath business b kr skta hai or tax return salary plus business Return hun gyn ?

[@rajafakhar1110]

7E Ka tax kaha adjust ho ga. Means agr final Bhi hai to input ya adjust claim kaha ho ga

[@faheempracticallearning]

It is expense, not adjustable tax, report under personal expenses, rent, rates and taxes

[@ARG1151]

Sir 7E form ma property ki value kon se likhni hai FBR na aik value dey hai har area key

[@faheempracticallearning]

Yes same

[@atifmuneer4773]

Ajkal 7E tax payment ke option ni aa rehi final fixed main challan kasy bny ga @1%

[@faheempracticallearning]

On IRIS already have

[@amanalam7866]

Ek widow pension lay rai he ,,or us k name ek ghar b he 400 yrd ka jo us k shohar ka tha or shohar k death k bad apny name karaya to us widow ko filer hona zarori je? In future us widow ny wo apna ghar sell kar k apny bacho ko wirasat ka hisa b dena he

[@user-mk4he2vb9l]

Sir property rent pur ho pur vo rent taxable rent bracket main na ho tou vo property bhi kia exempted hai 7E main thanks sir

[@faheempracticallearning]

Yes need to show, but exempt from tax, if rent income proper declared

[@user-mk4he2vb9l]

@@faheempracticallearning bohat shukria sir 🙂

[@faheempracticallearning]

@@user-mk4he2vb9l 👍

[@user-mk4he2vb9l]

@@faheempracticallearning 🙂👍

[@faheempracticallearning]

@@user-mk4he2vb9l 👍

[@alihira7822]

Maine mother k tax return main 12 million ki property declare ki wealth statement main, but capital asset ka form fill nai kia ab iska kya Hal ha

[@faheempracticallearning]

No issue, at the time of sale of property, may be some issue, for return side ok

[@alihira7822]

@@faheempracticallearning ager main 2025 main Capital asset ka form fill krdn tu koi issue tu nai hoga kr skta hn computation main capital asset ka form, property tu next five year tk koi chance nai k sale ho

[@iqbalbhatti505]

Dear Sir, Kia 1% tax 25 million pury par pay karna ha.

[@faheempracticallearning]

Yes

[@iqbalbhatti505]

You mean 250,000 every year pay karna ha. It's huge amount.

[@faheempracticallearning]

@@iqbalbhatti505 yes this is Law, but pending before court

[@iqbalbhatti505]

Thank you

[@faheempracticallearning]

@@iqbalbhatti505 👍

[@shaikhghulammustafa6335]

Awam tax paid ker Dina ka bawjad zail khawer he in kotay ka bachio put he Nahi bahrta

[@faheempracticallearning]

😔

[@sahmad5927]

A filer is regularly submitting all their returns and has reported their property correctly in the Capital Assets section of their return. If the property is exempt (such as rental property or business property), it should be indicated as "YES" (exempt), and there should be no issues at the time of selling. However, when the filer goes to sell their property, they download the 7E certificate from their return. If this certificate shows "Exempt (No)," the CDA (Capital Development Authority) or the Tehsildar misinterpret this "No" and insist on paying an additional 1% tax before allowing the property transfer. What is the Solution of this?

[@mrasheedmalik2056]

Tax on 7 E could be adjusted against routine taxes like phone mobile electric etc

[@sahmad5927]

@@mrasheedmalik2056 You are correct, but I am referring to a different issue. If your 7E certificate shows "Exempt-YES," there is no problem. However, the issue arises when it shows "Exempt-NO." In this case, the CDA interprets it as the property not being exempt, and they require you to pay a 1% tax. This creates a problem when you own two properties-one that is exempt (such as your residential house) and another that is not exempt (like a plot), even if the value of the plot is less than 2 million.

[@mansoorunar7867]

Sir Salam, mujhy apsy ye poshna tha k mere dost NY 2023 to 24 Saal k darmiyan 1 property ly or kush waqt k bad Yani Saal pora honey sy pehly hi sale kardi lekin osko os property k abhi half pesy Miley hen to on person KO sky is Saal tax return men show Karen plz guide me q k hum khud online tax return fill karty hen. Agar apka koi WhatsApp no hy to plz send Karen esi comment box ta k men asani sy voice note par samjha salon apki guidance waiting for ur reply plz 🙏 🙏 🙏 Thanks Mansoor Ahmed

[@ntechlearninghub]

Sir very informative concise and clear videos. Thanks to aware the public. My question is that I have agriculture property and income is declared every year as exempt income. I myself is not farmer but land is given on theka. Does this land is exempt from 7E tax. Secondly does property in name of wife also declared in all previous return will fall under 7E tax

[@faheempracticallearning]

if agriculture activities conducted, himself thn it is exempted

[@faheempracticallearning]

For 2nd no need to declare, because even after declaration, subsequent certificate, not valid because ownership is different.

[@ntechlearninghub]

@@faheempracticallearning Thanks

[@ntechlearninghub]

@@faheempracticallearning Thanks