CVT for Property purchase

[aakbar]

I just bought a plot 500 sq.yds and paid around 60k as CVT in Nov 2016. Is this amount adjustable in my income tax? I spoke to my payroll department which refuses to adjust it although they are not sure. The tax guy of my company thinks it is adjustable but only thru tax forms I will file next year.

[capsat]

it is correct that is CVT amount is adjustable in annual tax return only., you please wait for that

I just bought a plot 500 sq.yds and paid around 60k as CVT in Nov 2016. Is this amount adjustable in my income tax? I spoke to my payroll department which refuses to adjust it although they are not sure. The tax guy of my company thinks it is adjustable but only thru tax forms I will file next year.

[aakbar]

Advance Tax is adjustable in your salary if you are salaried person. Just get with your payroll department and show the original payment receipt of this advance tax to be adjusted during the next five months upto June 2017. Else you can get this amount adjusted when you file income tax returns for the fiscal year 2016-17.

[hamz80]

Advance Tax is adjustable in your salary if you are salaried person. Just get with your payroll department and show the original payment receipt of this advance tax to be adjusted during the next five months upto June 2017. Else you can get this amount adjusted when you file income tax returns for the fiscal year 2016-17.

There is a difference between CVT and WHT. What i understood from Capsat post was that CVT is also adjustable?
We know that advance tax (WHT) is adjustable.

[aakbar]

[quote="hamz80, post:4, topic:413642, full:true"]

Advance Tax is adjustable in your salary if you are salaried person. Just get with your payroll department and show the original payment receipt of this advance tax to be adjusted during the next five months upto June 2017. Else you can get this amount adjusted when you file income tax returns for the fiscal year 2016-17.

There is a difference between CVT and WHT. What i understood from Capsat post was that CVT is also adjustable?
We know that advance tax (WHT) is adjustable.

[/quote]

Thats what I heard from CAPSAT and then I spoke to a friend in FBR who said CVT is adjustable only when you file the tax returns in certain cases. I've paid some amount in CVT this year and start chasing him for more info about it as even my employer's payroll refused to adjust CVT in my income tax. Only WHT will be adjusted. I'll keep you guys posted if I get more information about it.

[hamz80]

Advance Tax is adjustable in your salary if you are salaried person. Just get with your payroll department and show the original payment receipt of this advance tax to be adjusted during the next five months upto June 2017. Else you can get this amount adjusted when you file income tax returns for the fiscal year 2016-17.

There is a difference between CVT and WHT. What i understood from Capsat post was that CVT is also adjustable?
We know that advance tax (WHT) is adjustable.

Thats what I heard from CAPSAT and then I spoke to a friend in FBR who said CVT is adjustable only when you file the tax returns in certain cases. I've paid some amount in CVT this year and start chasing him for more info about it as even my employer's payroll refused to adjust CVT in my income tax. Only WHT will be adjusted. I'll keep you guys posted if I get more information about it.

Thanks aakbar.
That would be helpful as i too have paid CVT on a recent transaction.
On the other side, i was not able to trace any reference for adjustment of CVT in the law.