FBR Chairman Makes Income Disclosure Mandatory for Buying Property Worth Over Rs 1 Crore

Islamabad:The Chairman of the Federal Board of Revenue (FBR) has made it mandatory for individuals purchasing property worth over Rs 1 crore to declare their income in their income tax returns. Speaking during a session of the National Assembly’s Sub-Committee on Finance, FBR Chairman stated that anyone who has declared an income of Rs 1.3 million would be eligible to purchase a plot.

Rashid Langrial, a member of the committee, emphasized that to buy more property, individuals would need to show additional income or disclose higher earnings in their tax returns.

The Chairman further added that a significant portion of undeclared wealth is being invested in the real estate sector, with around 2.5% of the population involved in high-value property transactions being targeted for greater scrutiny.