ISLAMABAD: Federal Finance Minister Ishaq Dar on Sunday said that plots or lands given to armed forces personnel will be expemted from Capital Gain Tax (CGT).
Dar while addressing a press confress said that, CGT will not be applicable on the sale of plots given to personnel of the armed forces as President of Pakistan Mamnoon Hussain has signed Income Tax Amendment Ordinance 2016.
The federal government is going to repeal Customs Act 1969 from Provincially Administered Tribal Areas (PATA) on the request of the Khyber Pakhtunkhwa government in the next twenty-four hours.
H also said that, custom act will not be aplicable PATA in few hours. Adding to this, CGT will not be applicable on the very first sale of plots given to the dependents of armed forces personnel who embraced martyrdom in the line of duty.
Earlier, Dar cleared that, in future, property valuation tables will be notified by the Federal Board of Revenue (FBR) as FBR will now determine the prices of property and all transactions will be done through a transparent process.
Dar on a question about the Imran Khan said that, the PTI Chief should concentrate on mitigating the sufferings of the people affected by the flash floods in Chitral instead of organizing rallies.