A meeting of the Sub-Committee of the Finance Committee, led by Bilal Azhar Kiani, was held. During the meeting, FBR Chairman Rashid Mehmood Langrial explained that so far, only 12 people have disclosed assets worth Rs10 billion or more. He added that the FBR has postponed some strict decisions in the past and that the country has been running this way for 70 years.

He stated that the decision has been made to stop the route of undisclosed income and assets, meaning people buying property worth more than 1 crore rupees will have to show their income in their income tax returns.

He also mentioned that more than 97% of property transactions in the country are for amounts less than 1 crore rupees. The target is to focus on the 2.5% of people making high-value property transactions. To assist with this, FBR is also working on an app for consumers, he added.

Additionally, he clarified that data from income tax returns will be shown in the app for property purchases. With 13 million rupees in declared income, a person will be able to buy a plot, and for further property purchases, more income will need to be declared in the income tax returns.

He also mentioned that children up to the age of 25 will be able to buy property based on their father’s income tax returns. Those who have undisclosed income or do not file income tax returns will be affected by this decision.

The FBR chairman also shared that in the 2023-24 year, there were over 1.69 million property transactions, with 93.7% of them being for amounts less than 50 lakh rupees.