And finally when he did pay wealth tax in 1999-2000 on his assets worth much more than Rs 30-40 million in the market (or over half a million US dollars), he coughed up only Rs 710 or $12.

The copy of the document has signatures of concerned officials which have been erased by SA Tribune to protect them from reprisals.

Only recently when Musharraf sold his 2 squares of land in Bahawalpur, he received millions. This amount should be reflected in his wealth declarations now but conveniently in the last Budget, wealth tax has been abolished.

The total Income Tax deducted at the source in five years from 1994-1999 was Rs 115,524 (US$ 1,992) on a total declared income of Rs 1.24 million ($ 21,430).

The document shows General Pervez Musharraf declared an income of Rs 146,629 in 1994-95 but the CBR assessed it as Rs 151,189 and taxed him Rs 16,261, which was deducted from his salary as is a routine.

In 1995-96 his declared and assessed income was the same Rs 197,358 and the assessed/ paid tax was Rs 24,472.

Similarly in in the next two years (96-97 and 97-98) his declared/assessed income remained unchanged at Rs 205, 967 and Rs 213,417. He paid Rs 24, 684 and Rs 31,927 as Income tax in these two years.

Suddenly in the next year when he became Chief of the Army Staff something different happened to his tax assessment. He declared an income of Rs 222,046 but it was assessed at Rs 226,846. Surprisingly the tax he paid was only Rs 18,180 or Rs 13,747 less than the previous year.

The document shows that he declared an income of Rs 252,670 for the next full year of his tenure as Army Chief but it was not assessed till then.

This story of his Income Tax may be explained or justified in some ways but the Wealth Tax story is the real one. It is here that the "real picture" of General Pervez Musharraf emerges as an honest and upright man.

Before his declarations of how much "wealth" he had are analyzed, the official declaration of his assets, made shortly after he took over in the October 1999 coup, has to be kept in view.
The official news agency Associated Press of Pakistan (APP) released this report (In Box) on November 2, 1999:

According to the given list, except the parent's house in Islamabad and daughter's house in Karachi all other property belongs to General Musharraf himself.

This includes 2000 square yard of land in Defence Society Karachi, over 1200 sq. yards plot in Morgah Rawalpindi, 900 sq. yards plot in Peshawar, 2 squares in Bahawalpur (sold now) , 600 sq. yds in Eastridge and 1200 sq yards in Gwadur. The document of his wealth tax return shows the wealth (which includes the lands) declared by General Musharraf for the year 1998-99 (which ends June 30, 1999) was valued at less than one million rupees, or Rs 947,000 to be exact.

Thus according to this document, Musharraf's Karachi Rawalpindi, Lahore, Peshawar, Bahawalpur and Gwadur lands all put together are worth less than Rs 1 million or US Dollars 17,241 ($1=Rs58).

But according to any person with an ordinary knowledge and intelligence, his Karachi plot is worth over Rs 20 million, his Rawalpindi piece of land values at least Rs 5 million, his Peshawar plot could easily fetch Rs 2-3 million. The market value of all other lands put together, is well over Rs 30 million. Probably much more as these estimates are very conservative.

His house in Rawalpindi would be worth another at least Rs 10 million if not more. Thus his real wealth, other than cash or securities or overseas accounts is more than Rs 40 million, but he has declared it to be less than Rs 1 million.

On top of this huge under-declaration General Musharraf declared in November 1999 that he had paid all his taxes, including Wealth tax till June 30, 1999.

The document reveals that for the year 1998-99 (which ends June 30, 1999) no Wealth Tax was paid as according to his declaration the wealth was "BTL" or Below Tax Limits.

Musharraf declared his wealth to be Rs 777,000 in 1994-95 and 1995-96, Rs 597,000 in 1996-97, Rs 975,000 in 1997-98, Rs 947,000 in 1998-99 and Rs 1,129,000 in 1999-2000. In that year he paid a wealth tax of Rs 710 or US $ 12.24. The document shows the CBR had not assessed the wealth by then.

The following story was run by APP on Nov 2, 1999:

Musharraf Declares All Property Owned by Family

RAWALPINDI, Nov 2 (APP): Chief Executive General Pervez Musharraf has declared all property owned by his whole family. According to an ISPR press release, following statement has been issued by General Pervez Musharraf with regard to his family property:

1."I would like to declare all property owned by my whole family. My family consists of my parents, wife, my son and daughter. Both my son and daughter are married. The property owned by all of us is as under:

a. Property for which installments are being paid:

(1) Under construction House in Army Housing Scheme Pt-II, Karachi.
(2) 2000 Sq. Yards in DHA, Karachi.
(3) 2xKanals in Morgah Housing Scheme, Rawalpindi.
(4) 1 and half Kanal in AWT (Army Welfare Trust) Housing Scheme, Peshawar.
(5) 8xMarlas in LCCHS, Lahore.
(6) 2xSquare agriculture land at Bahawalpur.

b. Parents' house in F-7/3, Islamabad.
c. My daughter's house in DHA (Defence), Karachi.
d. 1xKanal plot in Eastridge Scheme (09).
e. 2xKanals in Sangar Housing Scheme, Gwadar.

2. I have paid all taxes (income, wealth and agriculture) till the financial year ending 30th June, 1999."