Car Sold - Any taxes?

[discovernlearn]

Car is sold in Jan 2017. Do I have to pay any tax while filing tax return for 2017 tax year?

[humayun.chughtai.7]

If car is still on ur name then u have to pay taxes on behalf of it. Ask the new owner to get it transfer.

[jklodhi]

No taxes as you can delete the car in your next return and show increase in money. When tax authorities ask you, you can show them proof of sale deed .

Unfortunately in Pakistan, there is no such mechanism where new buyer is forced to transfer it on his name

[discovernlearn]

As car is still under old owner's name so how about if owner claim it stolen. Maybe Police department able find some solution about it

[neenamkhan]

As car is still under old owner's name so how about if owner claim it stolen. Maybe Police department able find some solution about it

Good idea, it's a win win situation, either car will be removed from old owners record or one may get their car back

[chinyoti]

The mechanism is

The seller is supposed to get the car transferred on the buyers name "This is by Law"

But people tend to use the easy way out. Jisne li hai khudi keraega transfer.

[chinyoti]

I dont think their is a property tax on your car. You simply have to pay road tax while it was in your use.