Mandatory to declare income in tax returns for buying property worth more than Rs10mn

Islamabad: The Chairman of the Federal Bureau of Revenue (FBR) has made it mandatory to declare income in income tax returns for buying properties worth more than Rs10 million.

Speaking in the National Assembly’s Sub-Standing Committee on Finance, Chairman FBR said that anyone who has declared an income of Rs13 million can buy a plot.

Rashid Langrial stated that it will be mandatory to declare more money or income in income tax returns for buying more properties.

He added that most of the undeclared wealth is going into the real estate sector. The 2.5 percent segment that makes high-value property transactions is the target.