Govt Imposes Strict Condition for Property Transfers in 2023
Selling or transferring immovable property now comes with the significant requirement that the seller or transferor may demonstrate to the registration or transfer authorities that tax has been paid under section 7E (tax on deemed income) of the Income Tax Ordinance 2001.
The requirement was put in place in accordance with a fresh clause added by the Finance Bill 2023.
If the seller or transferor has not satisfied their tax obligation under section 7E of the Income Tax Ordinance 2001, they are not authorised to register, record, or attest the transfer of any immovable property.
In accordance with sub-section (2A) of the Finance Bill 2023, regardless of any other law currently in effect, any person in charge of registering, recording, or attesting the transfer of any immovable property shall not do so until the seller or transferor has discharged its tax liability under section 7E and proof of this has been provided to the said person in the prescribed manner, for the following reasons:
For tax years beginning after 2022, the income listed under section 7E (tax on considered income) of the Income Tax Ordinance 2001 shall be subject to tax at the rates set forth in Division VIIIC of Part-I of the First Schedule.
Read More: CDA Guidelines for Property Transfer Process
An amount equal to 5% of the fair market value of capital assets located in Pakistan held on the last day of the tax year, excluding prescribed situations, shall be recognized as income subject to tax under this section for residents.
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