I have a question regarding FBR/tax related
after exploring for a home in Lahore I have decided purchase a home but now here is the confusion
home value is approx 5 million which i will get in 1.5-2 years and there are 3 methods for payment which is
1- pay whole cash and get 5% rebate (4.6 Million)
2- 1 year payment plan (4.8 million)
3- 2 year payment plan (5.3 Million)
I prefer paying full cash but the Zameen.com consultant advised me not to for risk of blocking your cash if in case (Allah na Karay) something goes wrong even though the project is approved by LDA and many people are living there (have inspected the project physically)
Secondly, if I make a full payment than FBR will come to notice and may start investigation of your income and make a fuss on how you have earned this much amount of money??? this is what consultant has told me! even though I have a plot which i will sell and purchase the desired home but still he advised me on this issue to remain unnoticed!!
so what do u all say? cash or installment method in terms of cost effectiveness
by the way we have faced the wrath of FBR 5 years ago when someone (still dont know who the person was, probably one of our relatives i guess) reported against us that we gave the upper portion of our home on rent and they slapped us with 30k fine as well as court proceedings that we are illegally earning money. We won the case as we have shown them our place to FBR investigators that we have only 1 meter box of WAPDA and Sui Gas Each and it is impossible to rent out the portion as there is only one access which is through tv lounge to go upstairs blah blah blah....... when we asked who reported against us? they said we do not know who the person was!! lol but they literally exhausted us with the lamest most idiotic questions ever!