Faisalabad: The Federal Board of Revenue (FBR) has instructed the Faisalabad Development Authority to share with it the data containing records of property transactions conducted during the last three years, a news source reported. The board recently reported on several incidents where property owners quoted wrong figures during the sales deed registering process.
Read: FBR to conduct digital survey of immovable properties
As per reports, misdeclarations in Faisalabad alone have caused a loss of hundreds of million of rupees to the national exchequer in terms of property taxes. The FBR has now decided to deal with the culprits by taking legal action against people who have misquoted the value of their property purchased and/or sold during the last three years.
Read: FBR to ensure realtors maintain beneficial owners’ records
The FDA data will help the FBR identify the cases where the rates mentioned on transfer documents are much lower than the price at which the property was actually sold or purchased. For this purpose, the price mentioned in the transfer document will be compared with the data maintained by the department that maintains properties’ registry record. In addition to identifying the cases of miss declaration, the FBR will also identify benami properties.
Read: FBR to take action against wealthy non-taxpayers
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