To fix fair market value of immovable properties, the Federal Board of Revenue (FBR), on Wednesday, revised Rates of residential and commercial Immovable Properties located in 40 major cities across the country.
In this connection, the FBR has issued 40 notifications, here on Wednesday to raise values of properties from December 1, 2021.
The FBR has also placed the old (rescinded) notifications pertaining to the old values on its website for reference purposes.
The values of almost all residential and commercial immovable properties of Pakistan have been increased in an attempt to bring them at par with the fair market values.
From December 1, 2021, the FBR has revised values of residential / commercial properties on the basis of per marla of some cities.
The values have been raised on the basis of size in square yards for other cities. The property area value has been determined on the basis of per marla basis for other cities.
The FBR has enhanced the market values of residential and commercial immovable properties located in Abbottabad; Attock; Bahawalnagar; Bahawalpur; Chakwal; Dera Ismail Khan; DG Khan; Faisalabad; Ghotki; Gujranwala; Gujrat; Gwadar; Hafizabad; Hyderabad; Islamabad; Jhang; Jhelum; Karachi; Kasur; Khushab; ;Lahore; Larkana; Lasbala; Mandibahauddin; Mansehra; Mardan; Mirpurkhaas; Multan; Nankna; Narowal; Peshawar; Quetta; Rahim Yar Khan; Rawalpindi; Sahiwal; Sargodha; Sheikhupura; Sialkot; Sukkur, and Toba Tek Singh.
In exercise of the powers conferred by sub-section (4) of section 68 of the Income Tax Ordinance, 2001 and in supersession of its notifications, the FBR has determined the fair market value of immovable properties.