{"id":17599,"date":"2023-06-26T10:46:38","date_gmt":"2023-06-26T05:46:38","guid":{"rendered":"https:\/\/propakistani.pk\/proproperty\/?p=17599"},"modified":"2023-06-26T10:46:38","modified_gmt":"2023-06-26T05:46:38","slug":"new-condition-introduced-for-immovable-property-sellers","status":"publish","type":"post","link":"https:\/\/propakistani.pk\/proproperty\/new-condition-introduced-for-immovable-property-sellers\/","title":{"rendered":"New Condition Introduced for Immovable Property Sellers"},"content":{"rendered":"<p>ISLAMABAD: In a significant development, the government has introduced a major condition for sellers or transferors of immovable properties.<\/p>\n<p>According to sources, the sellers are now required to provide proof of tax payment under section 7E of the Income Tax Ordinance 2001 to the registration\/transfer authorities.<\/p>\n<p>This condition has been imposed through a new provision included in the Finance Bill 2023.<\/p>\n<p>As per the introduced sub-section (2A), any person responsible for registering, recording, or attesting the transfer of immovable property cannot proceed with the registration, recording, or attestation unless the seller or transferor has fulfilled its tax liability under section 7E.<\/p>\n<div style=\"clear:both; margin-top:0em; margin-bottom:1em;\"><a href=\"https:\/\/propakistani.pk\/proproperty\/fbr-prescribes-form-for-payment-of-tax-on-immovable-properties\/\" target=\"_blank\" rel=\"dofollow\" class=\"u4cf5bf181eb49e68cca20ae65f2d2655\"><style> .u4cf5bf181eb49e68cca20ae65f2d2655 { padding:0px; margin: 0; padding-top:1em!important; padding-bottom:1em!important; width:100%; display: block; font-weight:bold; background-color:#2C3E50; border:0!important; border-left:4px solid #F1C40F!important; text-decoration:none; } .u4cf5bf181eb49e68cca20ae65f2d2655:active, .u4cf5bf181eb49e68cca20ae65f2d2655:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; text-decoration:none; } .u4cf5bf181eb49e68cca20ae65f2d2655 { transition: background-color 250ms; webkit-transition: background-color 250ms; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; } .u4cf5bf181eb49e68cca20ae65f2d2655 .ctaText { font-weight:bold; color:#F1C40F; text-decoration:none; font-size: 16px; } .u4cf5bf181eb49e68cca20ae65f2d2655 .postTitle { color:#eaeaea; text-decoration: underline!important; font-size: 16px; } .u4cf5bf181eb49e68cca20ae65f2d2655:hover .postTitle { text-decoration: underline!important; } <\/style><div style=\"padding-left:1em; padding-right:1em;\"><span class=\"ctaText\">ALSO READ<\/span>&nbsp; <span class=\"postTitle\">FBR Prescribes Form for Payment of Tax on Immovable Properties<\/span><\/div><\/a><\/div>\n<p>Besides, the person must also evidence of tax payment in the prescribed mode, form, and manner.<\/p>\n<p>Starting from the tax year 2022, the income specified under section 7E (tax on deemed income) of the Income Tax Ordinance 2001 will be subject to tax at the rates specified in Division VIIIC of Part-I of the First Schedule.<\/p>\n<p>Furthermore, a resident person will be considered to have derived income chargeable to tax under this section, equivalent to five percent of the fair market value of capital assets held in Pakistan on the last day of the tax year, excluding certain specified situations.<\/p>\n<p><i>Source<\/i><em>: Business Recorder<\/em><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ISLAMABAD: In a significant development, the government has introduced a major condition for sellers or transferors of immovable properties. According to sources, the sellers are now required to provide proof of tax payment under section 7E of the Income Tax Ordinance 2001 to the registration\/transfer authorities. This condition has been imposed through a new provision included in the Finance Bill 2023. As per the introduced sub-section (2A), any person responsible\u2026<\/p>\n","protected":false},"author":3,"featured_media":705,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-17599","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"img_urls":{"thumbnail":["https:\/\/propakistani.pk\/proproperty\/wp-content\/uploads\/2022\/07\/Increase-Your-Home-Resale-Value-5.jpg",1400,931,false],"medium":["https:\/\/propakistani.pk\/proproperty\/wp-content\/uploads\/2022\/07\/Increase-Your-Home-Resale-Value-5.jpg",1400,931,false],"full":["https:\/\/propakistani.pk\/proproperty\/wp-content\/uploads\/2022\/07\/Increase-Your-Home-Resale-Value-5.jpg",1400,931,false]},"author_name":"Firas Qureshi","categories_name":["News"],"title_text":"New Condition Introduced for Immovable Property Sellers","related_stories":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/posts?filter&per_page=4&categories=5&exclude=17599","_links":{"self":[{"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/posts\/17599","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/comments?post=17599"}],"version-history":[{"count":0,"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/posts\/17599\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/media\/705"}],"wp:attachment":[{"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/media?parent=17599"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/categories?post=17599"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/tags?post=17599"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}