immoveable property

immoveable property

property that cannot be moved, such as land or buildings. Categorization as such is likely to bring about different legal consequences.
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The law makes it binding now to purchase immoveable property having fair market value of over Rs5 million through banking instruments to avoid 5% penalty.
Meanwhile, FBR Chairman Shabbar Zaidi and Member Inland and Revenue-Policy Dr Hamid Ateeq Sarwar briefed the committee regarding the different clauses related to immoveable property, Islamabad Capital Territory Tax, Ordinance 2017 and taxes on tribal region of Khyber Pakhtunkhwa and Money Laundering.
The civic body estimated total receipts from property taxes at Rs663m, Rs150m from Octroi, Rs353m from transfer of immoveable property tax, grants, contributions and security deposit Rs222m, extraordinary and debit Rs737m and opening balance of Rs6m.
The sleuths unearthed undeclared investment in immoveable property of more than Rs 19 crore.
Everyday millions of rupees, including immoveable property, are won or lost in gambling.
Moreover, the tax rates on gains made on the sale of securities and immoveable property are being regulated by bringing tax rate for immoveable propertyat parity with securities.
According to the notification, Sub Curator Asif Ali of the sub-regional office Hazara division requested CBA to stop demolition of the old office keeping in view of the historical perspective of the building as this was important immoveable property.
He said though that while Paphos leads the way in the sale of immoveable property, it also has the highest level of unemployment on the island and the highest number of recipients of the Guaranteed Minimum Income (GMI), while he said it was important to point out that locals are losing out on the job market to foreigners as 16,000 of them are employed.
They said that Punjab has significant un-taped potential to increase revenues from a few key taxes, including GST on services, urban immoveable property tax, stamp duty, capital value tax, agriculture income tax, and professional tax for service delivery financing.
Transactions involving the sale, purchase, lease (for a term of more than 10 years) and other disposition of immoveable property and the registration of other rights relating to immoveable property;
(d) after section 16, the following section 16-A shall be inserted: "The authority responsible for registering an instrument of sale, gift or exchange of immoveable property shall not register the instrument unless it is satisfied that the outstanding tax has been paid."
"In 2005 PIA acquired immoveable property in New Delhi for the purpose of running its offices, for which PIA had completed all necessary formalities for the acquisition of these properties," the spokesman maintained.