Immovable property registrar requires to provide buyers, sellers information

Immovable property registrar requires to provide buyers, sellers information

KARACHI: A registrar is required to provide information of buyers and sellers of immovable properties in withholding tax statement to the Federal Board of Revenue (FBR).

According to Income Tax Rules, 2002, every person responsible to register or attest the transfer or right to use of immovable property, located in urban area, if it is;

a. measuring at least 500 square yards or one kanal, whichever is less; or

b. a residential flat with covered area measuring 1500 square feet and above; or

c. a commercial property of any size.

The registrar is required to provide information of property transactions, included:

01. Name and address of the buyer

02. National Tax Number or CNIC of the buyer

03. Name of the seller

04. Address of the seller

05. National Tax Number or CNIC of the seller

06. Full particulars and location of property

07. Value of the property as per deed of registration

08. Date of registration.

The property registration should certify that the statement contained complete information regarding attestation/registration of properties, located in urban area (other than agricultural land), measuring at least five hundred square yards or one kanal, residential flat with covered areas measuring 1500 square feet and above, and commercial properties.

According to the rules, for the purpose of the statement ‘urban area’ means area falling within the limits of:

i. The Islamabad Capital Territory;

ii. a cantonment board; or

iii. a municipal body;

iv. in case of Karachi up to 40 kilometers from the outer limit of municipal or cantonment limits;

v. in case of Lahore and Faisalabad up to 30 kilometers from the outer limit of municipal or cantonment limits;

vi. in other cases up to 10 kilometers from the outer limits of municipal bodies or cantonment boards; and

vii. includes areas defined as such in the Urban Immovable Property Tax Act, 1958 and such areas as the Federal Board of Revenue may, for time to time, by notification in the official gazette specify.

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