The finance minister has to address some anomalies when it comes to the calculation of tax on sale of property, especially where the district collector (DC) rate is concerned. This rate can sometimes be double the existing market value of a property. The DC rate generally suits real-estate investors in posh localities where it is often less than even a third of the existing market value.
Bracketing all properties for uniform evaluation of their price just because they are located within a certain area may suit the powerful real estate and land developers of this country but not those who have invested in projects, which for some reasons were not successful. Whatever the circumstances that may have contributed to their failure, citizens like me must not be a victim of what amounts to a double jeopardy.
Malik Tariq Ali
Lahore
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