Business Desk 
Jan 31, 2025
To ensure transparency and fairness, the Federal Board of Revenue (FBR) has made it mandatory to declare the source of income when making a purchase of a property including a flat or a housing unit.
Announced during a meeting of the National Assembly's Sub-Committee on Finance and Revenues, headed by MNA Bilal Azhar Kiani, the assertion from the revenue regulatory body came as a refusal to the alleged demands seeking FBR's indifference to a property buyer's source of income.
The FBR said the declaration of revenue source is a must to qualify for the eligibility criteria for property ownership.
As reported by The News, Kiani stated that the Association of Builders and Developers of Pakistan (Abad) proposed that non-filers should be allowed to purchase properties of up to Rs25 million value.
It's worth noting that non-filers reportedly sought exemption of income source declaration for buying properties of up to Rs50m value. However, the FBR’s Member Tax Policy refused to provide tax amnesty to such an extent.
The proposed amendments to the tax laws only allow to purchase of property of less than Rs10m without declaring revenue sources. However, if one intends to purchase a property worth Rs13m, then the tax law obliges them to qualify for property ownership by disclosing income source in the last filed tax returns.
