AGL 40.00 Decreased By ▼ -0.16 (-0.4%)
AIRLINK 129.53 Decreased By ▼ -2.20 (-1.67%)
BOP 6.68 Decreased By ▼ -0.01 (-0.15%)
CNERGY 4.63 Increased By ▲ 0.16 (3.58%)
DCL 8.94 Increased By ▲ 0.12 (1.36%)
DFML 41.69 Increased By ▲ 1.08 (2.66%)
DGKC 83.77 Decreased By ▼ -0.31 (-0.37%)
FCCL 32.77 Increased By ▲ 0.43 (1.33%)
FFBL 75.47 Increased By ▲ 6.86 (10%)
FFL 11.47 Increased By ▲ 0.12 (1.06%)
HUBC 110.55 Decreased By ▼ -1.21 (-1.08%)
HUMNL 14.56 Increased By ▲ 0.25 (1.75%)
KEL 5.39 Increased By ▲ 0.17 (3.26%)
KOSM 8.40 Decreased By ▼ -0.58 (-6.46%)
MLCF 39.79 Increased By ▲ 0.36 (0.91%)
NBP 60.29 No Change ▼ 0.00 (0%)
OGDC 199.66 Increased By ▲ 4.72 (2.42%)
PAEL 26.65 Decreased By ▼ -0.04 (-0.15%)
PIBTL 7.66 Increased By ▲ 0.18 (2.41%)
PPL 157.92 Increased By ▲ 2.15 (1.38%)
PRL 26.73 Increased By ▲ 0.05 (0.19%)
PTC 18.46 Increased By ▲ 0.16 (0.87%)
SEARL 82.44 Decreased By ▼ -0.58 (-0.7%)
TELE 8.31 Increased By ▲ 0.08 (0.97%)
TOMCL 34.51 Decreased By ▼ -0.04 (-0.12%)
TPLP 9.06 Increased By ▲ 0.25 (2.84%)
TREET 17.47 Increased By ▲ 0.77 (4.61%)
TRG 61.32 Decreased By ▼ -1.13 (-1.81%)
UNITY 27.43 Decreased By ▼ -0.01 (-0.04%)
WTL 1.38 Increased By ▲ 0.10 (7.81%)
BR100 10,407 Increased By 220 (2.16%)
BR30 31,713 Increased By 377.1 (1.2%)
KSE100 97,328 Increased By 1781.9 (1.86%)
KSE30 30,192 Increased By 614.4 (2.08%)

ISLAMABAD: Legal experts and tax advisers have sought an urgent clarification from the Federal Board of Revenue (FBR) to explain whether previous rebates are still allowed on immovable properties in Karachi under the new S.R.O.1724 (I)/2024.

In this regard, Kapadia Law Associates Karachi has written a letter to the FBR Chairman on the clarification of the valuation table of Karachi.

According to the communication to the FBR, reference has been made to S.R.O. 1724 (I)/2024 issued by the FBR.

PRAL & FBR staff found involved: A dormant account used for Rs1.625trn fake supplies?

In the current notification issued on October 29, 2024 there are no such kind of rebates allowed as compare to previous notification. The FBR needs to clarify whether previous rebates are still allowed on additional storeyed of the residential bungalows/old constructions and old flats/apartments.

In earlier notification No. S.R.O.345(I)/2022, in which rebates were allowed in the following manner:-

i. Values in the above Table are in rupees.

ii. Value is per square yard of the covered area of ground floor plus covered area for the additional floors.

iii. Commercial property built up value is per square yard of the covered area of the ground floor plus covered area of the additional floors, if any.

iv. Built up industrial property value is per square yard of the entire plot area plus covered area of the plot per square foot. v. Value in respect of a residential building consisting of more than one storey shall be increased by 25% for each additional story i.e. value of each storey other than the ground floor shall be calculated @25% of the value of the ground floor.

vi. A property which does not appear to fall in any of the categories shall be deemed to fall in the adjacent lowest category of the Appendix.

vii. Whether the land has been granted for more than one purpose viz. residential, commercial and industrial, the valuation in such a case shall be the mean/average prescribed rate.

viii. A flat means the covered residential tenement having separate property nit number/sub-property unit number.

ix. In residential, multi storey building, additional storey shall be charged if it consists of bed room and bath room.

x. The rates for basements of built in commercial property in categories I, II, II and IV shall be Rs 13,500 per square yard.

xi. High Rises at Serial Number No. 44 of Appendix means a building with Storeys above ground plus five.

xii. The value of residential built up property (including basement and first floor) is allowed to be reduced according to the specified criteria.

xiii. The value of the built up property (Flats and Apartments) is allowed to reduce according to the given criteria.

xiv. The value of commercial built up property is allowed to be reduced according to the specified criteria.

xv. The value of Commercial Plots of Defence Housing Authority facing Khayaban is increased by 10%.

xvi. The value of commercial built up excluding ground floor is reduced by 25%;

xvii. The value of Residential Plots (Defence Housing Authority) of specified categories may be decreased by 25%.

Under the said circumstances, FBR Chairman is requested to issue proper clarification in the interest of the general public that previous rebates are still allowed on additional storeyed of the residential bungalows/old constructions and old flats/apartments, it added.

Copyright Business Recorder, 2024

Comments

Comments are closed.

Maqbool Nov 10, 2024 12:08pm
Why is this applicable only to DHA karachi ? Why not every DHA in Pakistan including Lahore. How long will favoritism continue ?
thumb_up Recommended (0)