The Chairman of the Federal Board of Revenue (FBR) announced that it is now mandatory for individuals to declare their income in income tax returns before purchasing properties worth more than Rs 10 million.
Speaking during a session of the National Assembly’s Sub-Standing Committee on Finance, the FBR Chairman explained that those who have declared an income of at least Rs 13 million will be eligible to buy property.
Rashid Langrial, a committee member, emphasized that higher income declarations will be necessary to purchase multiple properties.
He highlighted that much of the country’s undeclared wealth is flowing into the real estate sector, particularly in the high-value segment, which accounts for 2.5 percent of all property transactions.
