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Punjab's real estate market gets relief from FBR

10:12 PM | 16 Aug, 2023
Punjab's real estate market gets relief from FBR

LAHORE – People associated with Punjab's real estate industry are exempted from Section 7E, according to the Federal Board of Revenue (FBR).

The sale or transfer of real estate in Punjab would not fall within the provisions of Section 7E, according to the Federal Board of Revenue. 

Section 7E of the Income Tax Ordinance, 2001 has received notification of a partial change from the Federal Board of Revenue (FBR).

In the current budget, a one percent tax was imposed on the purchase, sale, or transfer of property, and this tax was calculated based on the property's fair market value. However, the notice states that this tax will not be paid on the purchase and sale of property from filers or non-filers.

Punjab has halted implementing Section 7E of the Income Tax Ordinance 2001 on the order from the Lahore High Court.

The ruling, according to Ahsan Malik of the Real Estate Sector Association, will be applicable to all regions within the purview of Punjab, from Attock to Rahim Yar Khan. Realtors have praised the FBR's action as a step in the right direction for the real estate industry.

Daily Pakistan Global Web Desk

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Pakistani rupee exchange rate against US dollar, Euro, Pound and Riyal – March 1, 2024

Pakistani rupee remains stable against US dollar in the open market on March 1, 2024 (Friday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.32 for buying and 282.35 for selling.

Euro currently stands at 302 for buying and 305 for selling while British Pound rate stands at 353 for buying, and 356 for selling.

UAE Dirham AED hovers at 76.15 whereas the Saudi Riyal saw slight increase, with new rates at 74.4.

Today’s currency exchange rates in Pakistan – March 1, 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar ‎USD 279.32 282.35
Euro EUR 302 305
UK Pound Sterling GBP 353 356
U.A.E Dirham AED 76.15 76.85
Saudi Riyal SAR 74.4 75.2
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.11 751.11
Canadian Dollar CAD 207 209.2
China Yuan CNY 38.82 39.22
Danish Krone DKK 40.69 41.09
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.1 2.18
Kuwaiti Dinar KWD 907.32 916.32
Malaysian Ringgit MYR 58.49 59.09
New Zealand Dollar NZD 172.43 174.43
Norwegians Krone NOK 26.36 26.66
Omani Riyal OMR 725.68 733.68
Qatari Riyal ‎QAR 76.74 77.46
Singapore Dollar SGD 207 209
Swedish Korona SEK 27.13 27.43
Swiss Franc CHF 317.76 320.26
Thai Bhat THB 7.76 7.91

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