ISLAMABAD: Federal Board of Revenue (FBR), through a notification, has issued draft rules for implementation of laws related to immovable property valuation
As per the amended Income Tax Rules, 2002, the fair market value of immovable property would be the values notified by the FBR through property valuation tables for 21 cities of the country.
The FBR further said that if the fair market value of any immovable property of any area or areas has not been determined through property valuation tables, the fair market value of such immovable property would be deemed to be the value fixed by district officer (revenue) or provincial or any other authority authorized in this behalf for the purpose of stamp duty.
For valuation of agricultural land, the FBR said that the value would be equal to the average sale price of the sales record in the revenue record of the estate in which the land is situated for the relevant period or time.
It was made clear that in case transactions made on the value higher than fair market value or values prescribed by the FBR in the valuation tables the higher value would be treated as transaction value and taxes would be deducted on such value.
