What is the Purpose of 7E Property Tax | How we can save Income Tax | Before & After Comparison |

[@muhammadkhurram4999]

Sir you explained the 7E very well.

[@faheempracticallearning]

👍

[@KaramatAli-c8l]

Faheem Bai u r good teacher

[@faheempracticallearning]

👍

[@raziuddin4516]

Very good lecture Faheem bahi

[@faheempracticallearning]

👍

[@shehzadshah6844]

good explaination

[@faheempracticallearning]

👍

[@ApnayLog2023]

Best way is :::: if you have plot... Iski 4 dewari ker k minimal rent pay day dein and us ko tax returns mein show kraa dein and u will save huge amount of 1 percent each year

[@faheempracticallearning]

@@ApnayLog2023 👍

[@amanalam7866]

Minimal

[@jnokia2303]

What is the latest decision regarding 7 E tax ,do we have to declare it on fair market value or cost value,what should we do if we want to file return of 2023 now?

[@faheempracticallearning]

in pujab area, on cost, FBR still asking to pay on fair market, value, decision is pending before Supreme court

[@ateeqrehman3049]

Rental income ko kahan show karen ge aur is ka tax kis tarah calculate ho ga?

[@wjaasba]

Apki video to kafi informative hai magar mere kuch questions hai wo neche add kr raha hn unka answer kr dein JazakAllah. Kia jo property isi saal purchase ki hai or us per FBR ko Tax dia hai wo kahin mention krna hai? Adjustable Tax k section me or kia uska return ata hai?

[@faheempracticallearning]

1st question Yes we need to mention all properties 2nd question yes we can apply for refund, or we can adjust again, other payable tax

[@syedmustjabhaiderbukhari2728]

Sir 3,4 sawal hn 1- Property constructed aur unconstructed ki FMV diff hogi, lkn FBR ki FMV list ma asi koii bifercation nh hui blky shyd srf unconstructed ki FMV de hui h list ma, tu plot aur constructed property ki FMV ksy pata chly gi 2- Agr cost of property jo return ma show ki h, FMV of property se zyda ho tu phr bh hm FMV hee lien gy ya cost ko lien gy? 3- Installment pe property le rhy hn aur abhi pending hn installments kuch tu kya ye property 7e ma lien gy. 4-under construction property 7e ma lien gy ya nh

[@zahiddigital8301]

what's the latest decision on this matter? the which you discussed at the end or there's further development?

[@faheempracticallearning]

Pending before suprume court

[@zahiddigital8301]

@@faheempracticallearning sir kia decision agya iska yan still pending?

[@faheempracticallearning]

@zahiddigital8301 yes pending

[@shafinhope3762]

faheem sb . slowly lecture diya karain. lectur informative butt teezraftar huta he. jese kue cheese kar raha hu.

[@faheempracticallearning]

😔

[@MaherAdil]

what was decision?

[@MuhammadTOHEED-lw3co]

Aoa sir khali plot k uper kitna tax ha ager sell ni kia r 5 mala sy chota gharpy tax ha jazzak Allah

[@faheempracticallearning]

At the time of sale need to pay 3%

[@AzharAli-Niazi]

Sir 30 Million ki Old property Inherited Transfer ho to kyaa woh 7E mein fall krti hai. or ussey Return mein kaissy declare karaen

[@abdulrehman047]

What is the difference b/w cost and fair market value?

[@faheempracticallearning]

Cost buying price FMV, Today price as per new valuation rates,

[@BR0s204]

Requirement 25million is for one asset or combine value of all?

[@faheempracticallearning]

Combine

[@TaxConsultancyPK]

7E is similar to wealth tax where you pay tax on holding a property without using it. If you use it for residential, business or other commercial (rental) purpose, this tax does not apply on you.

[@NadiaMirxa]

Lakin mjy lawyer na kha hohlga

[@kajubadaammix]

I purchased a flat and gave on rent. Kia mujhe 7E fill krna he? FMV kia likhni chahiye?

[@jojinfoworld]

2020 me property purchased ki lekin Return me declared nai kia ab Return 2024 me declared karna hai koi issue tou nai hoga kindly guide me in this regard.Thanks

[@tasawariqbal6393]

Sir, How many difference in tax on purchase / sales of goods and services contract (153) as compared to FY 2023-24??

[@faheempracticallearning]

Already replied

[@mahmoodkhan4184]

I have two rented properties. I pay tax on both rents received during the year. In 7E form I should declare both properties on cost or fair value?

[@waqaszaman6737]

Thank you sir

[@faheempracticallearning]

👍

[@talhaanwer393]

Very well explained. Do you know if I paid amount for a property which is in my wife's name in builder record, not leased yet, how should I declare that payment I made to previous owner/seller ? Thanks

[@faheempracticallearning]

you have reported in tax return?

[@insafschool4616]

Sir, Tax on deemed income tax us 7e @20(of 5% of FMV) is adjustable?

[@faheempracticallearning]

@@insafschool4616 no

[@MrAzamsamad]

Sir, is this applicable also on property purchased 15years back and already declared in Income tax returns. Please guide. Thanks

[@kajubadaammix]

Thank you sir. Very nice information. Kindly guide me. I purchased a property of 60 lacs. Book value is 38 lacs. Tax deducted on 29 lacs. I showed the property value in asset as book value i.e. 38 lacs. Now in 7E what is the FMV? Who will decide FMV ?

[@asadrasheed001]

What about inherited property should it be entered in 7E

[@asadrasheed001]

Inherited Property is declared at zero value

[@faheempracticallearning]

@@asadrasheed001 better to report on registry value

[@asadrasheed001]

@@faheempracticallearning the registry has not done yet.

[@thickskull7443]

If property is purchased on loan from bank,?than we have to declare it?

[@faheempracticallearning]

Yes both loan and property need to report

[@aurangzaibaurangzaib4506]

Sir, inheritace property pe 7e hoga ?? Like house, plot, ahop, agricultural land

[@faheempracticallearning]

Yes

[@zeshanali5385]

Assalam-o-alikum sir, Kiya 7E property gift ya Hibba krnay py bi apply ho ga?

[@faheempracticallearning]

No,

[@sadamrawaid9357]

Sir just watched a vedio in which a person was telling that 7e tax has been voided by Isb highcourt... Is there such news?

[@faheempracticallearning]

Pls watch previous lecture, I have explained

[@waqaszaman6737]

Sir is it possible please share opinion about tax on royalty which is 15% and consider under FTR for resident person. Thank you

[@faheempracticallearning]

Let check and revert

[@Qaiser76]

Can you plz tell me which income to be shown in code 7033 in reconciliation of wealth statement?

[@amirsajjad8976]

"Is the valuation correct for filling out the 7E form? For DHA Rahbar Sector 2, Block 2-J, the price range for 5 Marla plots is between Rs. 62 Lacs and Rs. 85 Lacs, while the purchase price in 2014 was Rs. 10 Lacs. Is 7E and capital gain applicable when the value is less than Rs. 25M? Are both taxes, i.e., 7E and CVT, applicable?"

[@sheralichauncey1967]

کیا پراپرٹی پر لگنے والا نیا ٹیکس 7E سالانہ ٹیکس ھے یا پراپرٹی کو فروخت کرتے وقت ادا کرنا ھو گا

[@faheempracticallearning]

Yes annual

[@nazianaji]

mn first time register hn n tax commissioner ne previous five years ka returns notice send kiya, should I have to submit all years or only this year to attain the filer status? please guide me

[@faheempracticallearning]

Pls watch back dates lecture, for complete understanding

[@rafiuddinjunejo7635]

Sir jee we have inherited a property through Letter of Administration and we are around 20 heirs. As per court order we have to sale the property and sale proceeds have to be distributed . May we have to pay tax ? in this cituation.

[@faheempracticallearning]

Yes needed

[@mhbhawpal]

Assalamoalaikum sir Sir I am ACCA student and need some guidance from u regarding a property inherited by a deceased woman to her husband and 2 sons. How this will be entered into 7e form revising the 2022 return. What values should be declared in cost and FMV of each living shareholder. Also that is there any gift deed required for a father who used his money to purchase a 3 marla house in name of a son in TY 2021 or just itis to be shown as gifted in wealth statement of father instead of showing it as asset in name of other as all payments were in cash only.

[@faheempracticallearning]

Yes revise tax year 2023 return, report as a cost, if have no fair market, value

[@uaintme-no7zm]

You are best explainer Sir, stay blessed ❤

[@faheempracticallearning]

👍

[@azharmehmood5308]

@Faheem sb: Ager ap k pass 2 plots ake ghar hai for example jo residential hai apne use ka wo 5 kror ka hai aur baki jo plots hain wo dono mila k b 25 million se kam k hain tu kea en sub mai se kisi pay b 7E tax lagay ga?

[@faheempracticallearning]

25M not 2.5M, just if other plots value less thn no tax

[@azharmehmood5308]

@@faheempracticallearning Thanks for reply❤

[@ashi4951]

Fair value jis ka 1% dena ha fair value fbr value ha?

[@faheempracticallearning]

Yes

[@ibrarahmad8488]

Perfect ❤❤

[@faheempracticallearning]

👍

[@razashoaib.6]

Matlab agar hamari siraf ek property hai aur 25 million se ziada hai uski value tou us pr bhi ye tax nhin lagay ga?

[@nailagul5651]

Sir, how to check FMV?

[@muhammadasimumair8735]

Sir Fair market value ka kha sa pata laga ga

[@faheempracticallearning]

List available on FBR website

[@jnokia2303]

What if property/society location is not on fbr list?

[@faheempracticallearning]

@@jnokia2303 still needed

[@sheikhmuhammadshafi87]

Respected sir can we 7E tax adjust against refund stands in the tax return

[@faheempracticallearning]

No, it is expense

[@MUHAMMADOVAIS-r4u]

how to calculate of covered area

[@faheempracticallearning]

as per Map

[@Razaali-mr6mt]

Without password 7E kasie banaty ha

[@OwaisRasheedi]

I bought property in 30 million. As per FBR FMV sheet, the value is 23 million. Do i need to pay tax? My 2022 audit is opened. As per FBR i have to pay tax of 3 lacs for year 2022. They also offer me to negotiate the deal and dont pay tax and give 2 lacs in pocket and they pass the order and close the audit. Plz suggest what should be the best option for me to deal with easiness for future as well

[@OwaisRasheedi]

Awaiting the proper clear response..as I just pay 236 tax..do I need to pay 7E tax to FBR or not..

[@muhammadbilalsikandar144]

Rishwat do bs

[@ishfaqueahmed2541]

you do not need to pay tax according to 7E section of ITO because it is less than the 25million fmv of capital asset​@@muhammadbilalsikandar144

[@mshazaf]

What happens when the society and CDA has not delivered physical possessions

[@faheempracticallearning]

same, still needed certificate

[@bobwa399]

Sir, my property market value is less than 25ML. Do I have to pay 7e?

[@faheempracticallearning]

No

[@bobwa399]

@@faheempracticallearning ok...thanks.

[@ibadullahyt]

how can we download 7E challan ? its not showing on FBR website kindly reply

[@faheempracticallearning]

If added, in 7E form then, you can download

[@asadmalik77]

Are non resident and overseas citizens exempt from 7E ?

[@faheempracticallearning]

Yes

[@JawadKhan-sk4zu]

Sir I want to take the complete course, what should I do?

[@faheempracticallearning]

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

[@umerzia687]

when there are no earnings, how the tax can be paid.

[@faheempracticallearning]

😔

[@tariqhassan387]

If we devide property in members then we can get rid of 7E Tax 😊

[@faheempracticallearning]

Yes also need to change the ownership

[@tariqhassan387]

One plot 1 bunday ke pass ho to us per tax nai ho ga ?​@@faheempracticallearning

[@alizcheema]

Faheem bhai FMV is still way below actual market value at least as far as DHA Lahore is concerned. Eg. 1kanal in phase 6 is easily worth PKR 65 million + but FBR rate is only 28 Mil(1.4mil per marla). Selling at loss is of no concern. Just a point I wanted to clarify.

[@faheempracticallearning]

In this case, we need to consider the amount where we will pay taxes

[@zafpk2346]

مقصد صرف عوام کو ازیت دینا ھے

[@faheempracticallearning]

😔

[@mmalam2475]

IHC has abolished 7E tax altogether.

[@faheempracticallearning]

Yes, only abolished, at the time of sale, other is pending before supremely court.

[@OwaisRasheedi]

​@@faheempracticallearningmeans even no certificate available, 7E tax will not be deducted at the time of sale?

[@faheempracticallearning]

@@OwaisRasheedi deducted, watch complete lecture, already explained

[@OwaisRasheedi]

@@faheempracticallearning share the link where u explained

[@faheempracticallearning]

@@OwaisRasheedi watch previous lectures

[@AzharAli-Niazi]

Or Sir Astaaaam Waali Property ko Frst return me declare kr daen ,,,,,

[@sheerazahmed2689]

AOA, Not relevant question but you can explain me better because I just checked your channel but I could not find any relevant video so I am asking here Please explain. please explain if I am paying my friends bill through my credit card and later on he or she reimbursing me then what will be the treatment in my tax returns? please explain because Initially I am paying then they are paying me back though cash or bank transfer. example : Intitially I paid my self for ammi or friend Head Debit Credit My expenses 15,000.00 Friend Expenses 5,000.00 Ammi Expenses 8,000.00 Cash or Bank 28,000.00 Total 28,000.00 28,000.00 Ammi or friend returned to me Head Debit Credit Cash or Bank 13,000.00 Friend Expenses 5,000.00 Ammi Expenses 8,000.00 Total 13,000.00 13,000.00

[@Tanveer-DailyDrive]

Zulm ka kanoon

[@faheempracticallearning]

🥹

[@abumuaviyah]

یہ قانون ہے یا چوں چوں مربہ۔ بھانت بھانت کی بولٕیاں پچیس پچیس سال ایک جیسی کتابیں اور پریکٹس کرنے کے باوجود ہر فیصلہ ہر راۓ مختلف مگر اس پر کوٸی اعتراض نہیں کرتا نہ سوچتا ہے

[@faheempracticallearning]

😄, agreed

[@tariqmehfooz646]

بات کرنے کی سپیڈ بہت زیادہ ھے

[@faheempracticallearning]

😔

[@zym72]

Ap speed slow kr k sun len Brother

[@faheempracticallearning]

@@zym72 👍

[@AzharAli-Niazi]

Sir 30 Million ki Old property Inherited Transfer ho to kyaa woh 7E mein fall krti hai. or ussey Return mein kaissy declare karaen