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.
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