Islamabad: The Federal Board of Revenue (FBR) has made it mandatory to use valuation tables for registering property transactions, according to sources.
In this regard, the board has released SRO 978 amending Income Tax Ordinance 2001 section 68, which also amends rule 228 and section 4 of sub section 68.
Reportedly, the board has also announced that property records will be prepared according to the rates mentioned in the valuation tables.
The board has listed property rates in 21 major cities across the country, while the valuation tables for over 100 districts are yet to be prepared. Until that happens, the registration of property purchased and sold in these districts will be done according to DC rates, states the source.
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