u/Low_Bid_6537

I am selling a property and I will be an active filer soon , however the person who is buying is insisting on paying the FBR value of immovable property as a pay order but all the rest in cash.

Furthermore, everywhere I go to buy a property I am also hammered by the expectation of paying fbr value in pay order and rest in cash.

I have always paid full with pay order(paid every relevant tax)and I have detailed transactions records of every income and expense on how the property was bought.

What should I do since the difference between the FBR value and market value is significant?

If I deposit the entire value in my bank account in cash will that invite trouble for me.

Frankly this might be my last sale/purchase of property as there is unprecedented amounts of cash dealing which I am frankly not comfortable with.

Section 7E for those who haven't the idea was proposed to gain tax revenue from the real estate sector which was a 20% on the 5% of fair value of immovable property( basically 1% tax on fair value), which itself was debatable however what irks me is there were clear exceptions for the elites(military, feudal lords and traders)

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It got struck down by the supreme court , however I frankly have no faith in our government.

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My question is I was recently thinking of becoming a filer since the benefits outweigh all costs at this point in time but 7E has shaken my confidence in the system altogether.

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Is becoming a filer actually worth it , at this point I am second guessing since when the going gets tough they will tax the middle class to high heaven(a middle class family usually has one property which is their life savings and the appreciation of the property values helped the old generation for their retirement).

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