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18
Dec-2020

fbr notification on property

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Accordingto a news source, the FBR has said that its draft valuation tables will becomeapplicable from July 1 onwards in various areas and housing schemes of: 1. The notification about new rates of immovable properties were issued on 01-02-2019. S.R.O. IJP Selection Mr. Luqman Nasir (IRS/BS-18), Resignation tendered by Mr. Muhammad Yaseen, Inspector (BS-16), MCC, Hyderabad. Pakistan Customs is gearing up for more achievements in future, Chairman FBR; S.R.O101(I)/2021 - Constitution of Alternate Dispute Resolution Committee (ADRCs) S.R.O103(I)/2021 - Imports and Exports at Border Customs Stations; S.R.O81(I)/2021 - Amendment in Notification No 572(I)/2020 dated 30.06.2020 Property prices in Islamabad According to the FBR notification the prices of plots in the federal capital have been increased from Rs22,000 to Rs56,000 per square yard in Sector-7. The copies of FBR notifications for each city can be downloaded by clicking on the respective city below: The notifications for each city detail a new base for collecting withholding and capital gains tax. The system has also picked cases for issuance of notices where there is a mismatch of information, or the declared value of the property is not matching with the information available with the FBR. COMMON TYPE OF NOTICES SENT BY FBR (PHASE-I) “If you think compliance is expensive, try non-compliance as new taxes are still on the anvil” NOTICE TO SUBMIT RETURN OF INCOME FOR ANY OF THE PREVIOUS KARACHI: The Federal Board of Revenue on Thursday brought down its valuation of properties in six major cities by more than a half.FBR issued six notifications … Gujrat 12. Please read this blog and provide your valued comments. S.R.O. 157 likes. Statutory Regulatory Orders (SROs) Income Tax / Sales Tax / Federal Excise / Customs Since the holding period of the property is more than one year but less than four years therefore taxable gain to be included in taxable income for the year would be Rs. Peshawar 5. Hyderabad 6. 672(I)/2016 dated the 2nd August, 2016, the Federal Board of Revenue is pleased to notify the value of immoveable properties in columns (4) of the Table below in respect of areas of Islamabad specified in column (2) thereof, namely:- ISLAMABAD Valuation of Immovable Properties (Residential) S. ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday issued a notification jacking up valuation rate of properties for 20 cities. These changes are subject to different categories including residential, commercial, apartments & industrial plots. eProperty, established in 2004, is proud to be serving its stake-holders by providing them the right investment opportunities.We provide a wide range of specialized services for Pakistan property market. Restoration of Performance Allowance of Mr. Zaheer Abbas (PCS/BS-18). So, decrease in tax rate may not essentially mean the reduction in cost. Multan 8. Jhelum 13. Acting Charge of the post of Chairperson, Banami Adjudicating Authority. However, for filers, the WTH has been decreased from 2% to 1%. The property was sold on May 15, 2020 for a consideration of Rs. SROs/Notifications. 8,500,000. The FBR on Friday issued the notification to set up benches of adjudication authority under Benami Transaction (Prohibition) Act, 2017. What is Tax on sale of property if payment is received partially? This blog is written by Mr. M. Kaleem Majeed, Manager Taxation Advisory Services. The FBR Property Improvements Facebook Page is your direct link to making your Home or Commercial property great again. In order to bring official property valuation rates at par with the prevailing market prices, FBR has once again revised the property valuations in all major cities of Pakistan. The authorities reportedly selected 21 cities to determine the fresh property valuation and the rates for as many as 18 cities have been issued. There is an increase of 25-50% from old rates but in some cases like DHA Karachi Phase 7 & 8 rates have been increased by 110%. S.R.O. For each city, the FBR issued a separate notification on Tuesday that said that the value of immoveable properties on the basis of different categories has … Retirement of Mr. Raza Sajid, Superintendent (BS-17). This will help the government to ascertain worth of properties across the country, as well as generate sizable tax income from the real estate sector of Pakistan. Retirement of Mr. Waheed Ashraf, Appraising Officer (BS-16). 979(I)/2019, dated the 2nd September, 2019. 1160 (1)/2019.- In exercise of the powers conferred by sub-section (1) of section 237 of the Income Tax Ordinance, 2001 (XLIX of 2001), the Federal Board of Revenue is pleased to direct that the following further amendments shall be made in its Notification No. Abbottabad 11. The existing notices only require … 120(I)/2019 dated the 1st February, 2019, the Federal Board of Revenue is Retirement of Mr. MUhammad Saleem Akhtar, Appraising Officer (BS-16). Jhang 14. Notification No. (Repatriation of Mr. Muhammad Atif, Assistant Accounts Officer (BS-17). The notification issued by the Federal Board of Revenue stated that the value of immovable properties in columns (2), (3), (4), (5), (6), (7), and (8) of the Table below in respect of categories of areas of Karachi specified in column (1) thereof, namely:- … FBR Foundation ; Virtual One Stop Shop (VOSS) Field Office Websites; State Bank of Pakistan; Securities and Exchange Commission of Pakistan ; Trade Development Authority of Pakistan ; Gwadar Development Authority Abolishing DC rates, these new property valuation rates will determine the actual property value. Search can be performed on any of these Notification No, Notification Type, Name, Provisional Senionirity List of Auditors(BS-14) Upgraded and Redesignated as Senior Auditor(BS-16), (Retirement of Mr. Syed Tahir Hussain, Second Secretary (BS-17), (Restoration of Performance Allowance of Mr. Mehmood Aslam Butt, Chief (Legal-HR). The FBR is empowered to issue notice under Section 122 (Amendment of assessments) of the Income Tax Ordinance. Sialkot 17. Income Tax/Sales Tax/Federal Excise and Customs The Federal Board of Revenue (FBR) has increased the property valuation rates of 20 cities across Pakistan. The decision is taken to bring FBR rates closer to market values. ISLAMABAD: The Federal Board of Revenue (FBR) has decided to reduce the rate of tax on the sale of immovable property. ISLAMABAD/KARACHI: The Federal Board of Revenue (FBR) on Tuesday notified newly set prices of real estate in Karachi. But now the WHT will be collected on all transactions regardless of the property worth. Gujranwala 9. In your case advance income tax on the purchase of property under Section 236K shall be collected at the rate of 2% of sales consideration of Rs.9,000,000/- that come to Rs.180,000/-. NOTIFICATION (Income Tax) S.R.O. Faisalabad 7. IJP Selection of Mr. Waqar Karim (IRS/BS-17/Prob). FBR Property Improvements. Mardan 15. Federal Board of Revenue (FBR) has announced new Immovable Property Valuation Rates Table for more than 20 cities. According to previous policy, there were no WHT on purchase of property worth less than 4 million. Choose the desired service from left panel to proceed to the verification services. Sargodha 18. According to FBR Valuation Tables 2019, property valuation for the real estate sector have seen an increase across 20 major cities of Pakistan. Sahiwal 16. Our services includes Buying and Selling properties in DHA Lahore, Multan, Gujranwala, Peshawar, Bahawalpur, Quetta including projects in Gwadar like Naval Anchorage, Sangar, … FBR & Property Valuation Rates. 6,500,000). Corrigendum of Board's Notification No. ؍g°'âFD^†YÕ%Z§ó,”ߍŒ 1zLá۟h‰)¬;S)Õ¹1)F¢JÛÍX©¶š¢Êjx’”@Ճc$±cŠ5ðHwÞ)¾'(ºÇŽ•½@—iòu²i—õ×÷)mÓc•‹@ËJßSZ’Í;CËTäXŸãD|õ^ÞZ´SseV3A&Ò. 3251-C-IV/2019: 26-Jan-2021: 1095-C-IV/2020 (Modification) modification of Board's Notification No.0779-C-IV/2020 dated 11.05.2020 in respect of Amjad Iqbal Cheema, 25-Jan-2021 The WHT will be collected according to FBR property valuation rate. 662(I)/2016 dated the 2nd August, 2016, the Federal Board of Revenue is pleased to notify Charge Relinquishment / Assumption of Mr. Ziaullah Khan (IRS/BS-19), Charge Relinquishment of Syed Fazal Samad (PCS/BS-19), Charge Assumption of Syed Hamid Ali (PCS/BS-21), Charge Assumption of Mr. Noman Malik (IRS/BS-19), Nominations of BS-19 Officers of PCS for 29th SMC, Promotion of Mr.Ehtasham-ul-Haq Paracha, Appraising Officer to the Post of Principal Appraiser. The following benches and seating place for each bench to exercise jurisdiction in respective area under the provisions of the Benami Transactions (Prohibition) Act, 2017 are notified with immediate effect as under: Notification No Type Subject Issue Date ; 0140-C-IV/2021 (Corrigendum) Corrigendum of Board's Notification No. Gain on sale of property amounts to Rs. FBR notified rates are for the purpose of Federal taxes only. 2,000,000 (Rs. S.R.O. Islamabad 3. (I)/2019.- In exercise of the powers conferred by sub-section (4) of section 68 of the Income Tax Ordinance, 2001 (XLIX of 2001) and in supersession of its Notification No. FBR revised property valuations are still a bit lower than the actual market rates, however the gap is quite narrow as compared with old DC rates regime. Bahawalpur 10. However, FBR rates are not applicable for the levy payable under You may verify your details With FBR using our Online Verification Services. Rates of Valuation of Immovable Properties in the following cities are: Abbottabad: Bahawalpur: Faisalabad: Gujrat: Gujranwala: Hyderabad: Islamabad: Jhang: Jhelum Another major change with regard to property transactions is the Capital Gain Tax (CGT). Rawalpindi 4. Lahore 2. FBR notification shall apply on the areas which are notified in such notifications.The area which are not yet notified shall be subjected to value fixed by District Officer Revenue or provincial or any other authority authorized for the purpose of stamp duty. Sukkur You can find the proposed valuation table PDF for these cities, which the board intends … NOTIFICATION (Income Tax) S.R.O. 8,500,000 – Rs. 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