The Federal Board of Revenue (FBR) on Thursday announced a massive increase in the valuation of Karachi land and other immovable properties. The valuation indicates how much withholding tax will be collected for immovable property.
The FBR revised the valuation of immovable properties after a span of two years.
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The valuation of a residential open plot in Defence, Karachi has been increased to Rs73,125/square yard from the previous value of Rs42,000/square yard.
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The valuation of residential built-up property has been increased to Rs81,000/square yard from Rs48,000 for the same area.
The FBR valuation of immovable properties is the indicative price for the collection of withholding tax at the time of sale and purchase.
Sources in the FBR said by increasing the valuation of immovable properties the prices would be near to the fair market value and would also reduce the presence of black money in the real estate business..
