{"id":90053,"date":"2022-11-16T15:18:45","date_gmt":"2022-11-16T10:18:45","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=90053"},"modified":"2022-11-16T15:18:50","modified_gmt":"2022-11-16T10:18:50","slug":"tax-deemed-rental-income-challenged-lhc","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/tax-deemed-rental-income-challenged-lhc.html","title":{"rendered":"Tax on deemed rental income challenged in LHC"},"content":{"rendered":"\n<p>Lahore: The former chairman of District Council Narowal has challenged the legislation of levying income tax on \u2018deemed rental income\u2019 of properties in the Lahore High Court (LHC), according to news published in the national dailies on November 16.\u00a0<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/fbr-income-tax-filing-deadline.html\" target=\"_blank\" rel=\"noreferrer noopener\">FBR extends income tax filing deadline once again<\/a><\/p>\n\n\n\n<p>As per the details, the new law mandated that every property which is not used by the owners will be considered by the Federal Board of Revenue <a href=\"https:\/\/www.zameen.com\/news\/fbr-file-income-tax-september-30.html\" target=\"_blank\" rel=\"noreferrer noopener\">(FBR<\/a>) as bearing rent equivalent to 5% of the total market value of the property. This means that every property owner will have to pay a tax equivalent to 1% of the market value of the property to the federal government.\u00a0<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/fbr-income-tax-return-small-traders.html\" target=\"_blank\" rel=\"noreferrer noopener\">FBR notifies new income tax return forms for small traders<\/a><\/p>\n\n\n\n<p>The news source mentioned stated that the petitioner opined that the tax imposed under the newly inserted section 7E of the Income Tax Ordinance, 2001 has been levied as an income tax when it is clearly not an income tax. He went on to say that property tax is the only major source of revenue for local governments. He requested the LHC to declare it illegal and unconstitutional.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lahore: The former chairman of District Council Narowal has challenged the legislation of levying income tax on \u2018deemed rental income\u2019 of properties in the Lahore High Court (LHC), according to news published in the national dailies on November 16.\u00a0 Read: FBR extends income tax filing deadline once again As per the details, the new law mandated that every property which is not used by the owners will be considered by the Federal Board of Revenue (FBR) as bearing rent equivalent to 5% of the total market value of the property. This means that every property owner will have to pay a tax equivalent to 1% of the market value of the property to the federal government.\u00a0 Read: FBR notifies new income tax return forms for small traders The news source mentioned stated that the petitioner opined that the tax imposed under the newly inserted section 7E of the Income Tax Ordinance, 2001 has been levied as an income tax when it is clearly not an income tax. He went on to say that property tax is the only major source of revenue for local governments. He requested the LHC to declare it illegal and unconstitutional.\u00a0<\/p>\n","protected":false},"author":83,"featured_media":87307,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[54942,54941],"persona":[],"class_list":{"0":"post-90053","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-income-tax-collection","9":"tag-tax-on-deemed-rental-income-challenged-in-lhc","10":"cat-15015-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Tax on deemed rental income challenged in LHC - Zameen News<\/title>\n<meta name=\"description\" content=\"The former chairman of District Council Narowal has challenged the legislation of levying income tax on \u2018deemed rental income\u2019.....\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/tax-deemed-rental-income-challenged-lhc.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tax on deemed rental income challenged in LHC - Zameen News\" \/>\n<meta property=\"og:description\" content=\"The former chairman of District Council Narowal has challenged the legislation of levying income tax on \u2018deemed rental income\u2019.....\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/tax-deemed-rental-income-challenged-lhc.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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