Up to 75% capital gain tax exempt on immovable property sale

Up to 75% capital gain tax exempt on immovable property sale

KARACHI: The government has exempted capital gain tax up to 75 percent in case an immovable property sold by government employees of army personnel after completion of three years.

According to BDO Audit Consultancy Firm, Clause (9A) of Part III of Second Schedule provides a 50 percent exemption on capital gain derived on first sale of immovable property acquired or allotted to ex-servicemen and serving personnel of Armed forces or ex-employees or serving personnel of Federal and Provincial Governments, being original allottees of immovable property.

The Tax Laws (Second Amendment) Ordinance, 2019 has further exempted capital gains up to 75 percent in case the property is sold after completion of three years from date of acquisition.

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