Punjab’s Real Estate Market Gets Relief From FBR
LAHORE: According to the Federal Board of Revenue, persons involved in the real estate sector in Punjab are exempt under Section 7E. (As reported by the news source)
Section 7E of the Income Tax Ordinance, 2001 has been informed of a partial amendment by the Federal Board of Revenue (FBR).
The current budget includes a 1% tax on the purchase, sale, or transfer of real estate. This tax was calculated using the property’s fair market value. The notice does, however, emphasize that this tax would not be levied on the purchase and sale of real estate by either filers or non-filers.
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Punjab has stopped utilizing Section 7E of the Income Tax Ordinance 2001, as directed by the Lahore High Court.
According to Ahsan Malik of the Real Estate Sector Association, the judgment will apply to all areas under Punjab’s authority, from Attock to Rahim Yar Khan. Realtors have praised the FBR’s action as a positive step for the real estate industry.
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