According to the Federal Board of Revenue (FBR), agricultural properties without farmhouses are exempt from taxation under Section 7E of the Income Tax Law of 2021, which was announced in Islamabad. However, according to a source in the FBR, the Pakistani constitution guarantees that agricultural revenue is exempt from taxation. As a result, the federal government lacks the jurisdiction to assemble a tax on such income; instead, provincial governments have the authority to do so.
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Furthermore, as per Circular No. 01 of 2023–24, the transferring authority will carry out the transfer without requiring proof of tax payment under Section 7E or Form-A if the immovable property under sale or transfer is agricultural (excluding farmhouses) and is supported by proper property documents.
However, the restrictions outlined in Circular No. 1 of 2023–24 will apply to any farmhouses built on agricultural land that are part of a property after significant revisions.
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The farmhouse is defined by the FBR as a structure having a covered space of at least 5,000 square feet and a minimum size of 2,000 square yards. It is utilized as a single dwelling unit, annexes or not. Each of these units will be regarded as a separate farmhouse when there are several dwelling units in a compound and the average compound area is larger than 2,000 square yards for each dwelling unit.
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