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Advance Tax on Sale of Immovable Property in Pakistan
The Finance Act 2023 has inserted a new sub-section (2A) in section 236C of the Income Tax Ordinance 2001, which bars the registrar or the person registering, recording, or attesting transfer of any immovable property from registering it unless the evidence of payment of tax under section 7E has been furnished.
This amendment is aimed at ensuring that the tax liability under section 7E is discharged before the transfer of any immovable property. Section 7E imposes a tax on the deemed income of individuals who own immovable properties in Pakistan. The rate of tax is 1% of the FBR value of the property.
The new sub-section (2A) will help to prevent the evasion of tax on the sale of immovable property. It will also ensure that the government collects the revenue it is due from this source.
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