The Federal Board of Revenue (FBR) has made it mandatory for income tax return filers for the tax year 2025 to declare the fair market value of immovable properties during purchase, sale, or if already owned, starting July 1, 2025.
As per a draft return form issued through SRO 1213(I)/2025 dated July 7, 2025, a new section has been added requiring taxpayers to manually re-enter the fair market valuation and other details of each property, even if the system has already auto-filled the information based on past declarations.
Taxpayers must ensure all their immovable properties are declared with their fair market value. They must also make sure that the previously declared property details are re-entered manually.
FBR has also warned that incomplete property information may lead to an invalid return.
The new requirement applies to all individuals who file tax returns and own immovable assets, including plots, houses, apartments, and commercial units.
Its their self admission that the property valuation released by fbr was false and misleading. Taxpayers are not fbr servants but otherwise. Its completely unjust.
Totally non professional attitude
Tomorrow if values goes down how FBR will react.
How can evaluate FMV I have a house built thirty five years ago how can I estimate it’s value in year 2025 ?
According to the law, any property over 20 years old is treated as a plot.
Which law??
Reference?
ہر شاخ پہ الو بیٹھا ہے
When is this years return going to start?
End of July
Wow, what a fun. Will vederas, politicians, business men, government services personal declare fair value of their assets!
“FBR Orders Taxpayers” it should be posted as “FBR Requested Taxpayers” in a dignified way!
FBR being an abridged version of IMF is always on the hunt of public at large. It has never disseminated any good news for the public and always remained as a draconian character!