Federal Board of Revenue (FBR) has once again re-implemented the difference in valuation of new and old bungalows and flats in Karachi and has issued a new valuation for the same.
The FBR has issued a notification for the property sector after amendments to the notification dated October 29, 2024, regarding Karachi.
According to the notification issued by the FBR, the value of a house that is 5 to 10 years old in Karachi will be considered 5 percent less, and the value of a house that is 10 to 15 years old in Karachi will be considered 7.5 percent less, and the value of a house that is 15 to 20 years old in Karachi will be considered 10 percent less.
According to the notification, the value of a house that is 25 years old will be equal to the plot.
Apart from this, the value of a flat that is 5 to 10 years old in Karachi will be considered 10 percent less, the value of a flat that is 10 to 15 years old in Karachi will be considered 20 percent less, the value of a flat that is 20 to 30 years old in Karachi will be considered 30 percent less, and the value of a flat that is more than 30 years old in Karachi will be considered 50 percent less.
Senior property lawyer Imran Megrani says that due to the reduced valuation, the buyer and seller will have to pay less tax.
