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The Federal Board of Revenue (FBR) has made it mandatory for taxpayers to declare the fair market value of all immovable properties in their income tax returns for the tax year 2025, starting July 1, 2025.
According to a draft return form issued through SRO 1213(I)/2025 on July 7, taxpayers will now be required to manually re-enter property details, including fair market valuation, even if the system auto-fills this data based on previous filings.
This new requirement applies to all individuals filing returns who own plots, houses, apartments, or commercial units.
The FBR has clarified that all immovable assets – whether newly acquired or already declared must be reported again with their fair market values.
Taxpayers have been warned that incomplete or missing property details could result in the return being treated as invalid.
“This is aimed at ensuring transparency and accuracy in the declaration of immovable assets,” said an FBR official.
The move is part of the FBR’s broader effort to align declared asset values with actual market rates and tighten compliance.
The new rules are expected to affect a large number of return filers across the country and are likely to prompt closer scrutiny of real estate holdings.
