Islamabad —The Federal Board of Revenue (FBR) has issued new valuations of residential and commercial properties in Islamabad, Rawalpindi, Peshawer, Abbottabad, Lahore, Karachi, Hyderabad, Sukkur, Quetta, Gwadar, Mardan, Gujranwala, Sialkot, Faisalabad and Sargodha effective from July 31, 2016.
In this regard, the FBR issued 15 notifications here on Tuesday to categorise the different localities/areas for fixation of valuations of immovable properties across the country. The FBR has notified new valuations for the purpose of calculation of payment of capital gains tax (CGT), withholding tax and provisions of section 111 of the Income Tax Ordinance 2001.
The FBR has said that a property which does not appear to fall in any of the categories shown in the appendix shall be deemed to fall in the adjacent lowest category of the appendix. Where 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. A flat means the covered residential tenement having separate property unit number/sub property unit number.
In residential, multi-storey building, an additional storey shall be charged if it consists of a bedroom and a bathroom. The rates for basement of built in commercial property in categories, I, II, III and IV shall be Rs 13,500 per square yard, the FBR added.
The FBR explains the valuation per square yard of the covered area of ground floor plus covered area for the additional floor, commercial property built up value per square yard of the covered area of the ground floor plus covered area of the additional floor, if any; and built up industrial property value per square yard of the plot area per square foot. The value in respect of a residential building consisting of more than one storey shall be increased by 25% for each additional storey, ie, valuation of each storey other than ground floor shall be calculated @ 25% of the value of the ground floor.