LAHORE: Syed Ahmad Mehmood, former governor of Punjab, filed a petition with the Lahore High Court (LHC) on Monday objecting to the capital gains tax levied on his foreign real estate assets.
As per the details, after hearing the former governor’s argument, Justice Jawad Hassan asked the federal and Punjab governments, the Federal Board of Revenue (FBR), and the Commissioner of Inland Revenue for their response.
According to the sources, the judge remarked that the plea must be combined with other petitions of similar nature.
The federal government’s attempt to tax the former governor’s overseas possessions had been contested by the ex-governor who stated that he possesses assets at home and abroad.
The former governor also added that he pays taxes in the country and it is unjust and illegal to tax property that is located abroad.
He argued that the federal government’s application of capital value tax on its foreign holdings should be declared invalid by the court.