The Chairman of the Federal Board of Revenue (FBR) has made it mandatory for individuals to declare their income in income tax returns if they wish to purchase property valued above Rs. 10 million.
This decision was announced during a discussion in the National Assembly’s Sub-Committee on Finance.
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The FBR Chairman clarified that a person who has declared an income of at least Rs. 13 million would be eligible to purchase a property.
He added that individuals looking to buy additional property would be required to show further income or funds in their tax returns.
The decision is part of a broader effort to curb unreported wealth, particularly in the real estate sector. The FBR Chairman pointed out that a significant portion of undeclared wealth is being funneled into real estate transactions.
He further revealed that a mere 2.5% of the population accounts for high-value property transactions, and this group will now be the target of stricter scrutiny.
By making income declaration mandatory for property transactions above a certain threshold, the government aims to enhance transparency in the real estate sector and ensure that wealth is properly accounted for through tax filings.