{"id":94032,"date":"2023-06-26T17:18:43","date_gmt":"2023-06-26T12:18:43","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=94032"},"modified":"2023-06-26T17:18:45","modified_gmt":"2023-06-26T12:18:45","slug":"condition-property-transfers-finance-bill","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/condition-property-transfers-finance-bill.html","title":{"rendered":"Finance Bill 2023: Govt implements new tax requirements for property transfers"},"content":{"rendered":"\n

Islamabad: The federal government has introduced a significantfor sellers or transferors of immovable properties, a news source reported on June 26.<\/p>\n\n\n\n

Read: <\/strong>CDA eases family property transfer rules in Islamabad<\/a><\/p>\n\n\n\n

Under the new condition for property transfers in Finance Bill 2023, individuals responsible for registering, recording, or attesting the transfer of immovable property are now prohibited from proceeding unless the seller or transferor has fulfilled their tax obligations as per section 7E of the Income Tax Ordinance 2001.<\/p>\n\n\n\n

To ensure compliance, the Finance Bill 2023 includes a sub-section (2A) stating that regardless of any other existing law, the transfer of immovable properties cannot proceed without the tax liability being settled under section 7E. Moreover, evidence of tax payment must be provided in the prescribed mode, form, and manner.<\/p>\n\n\n\n

Effective from the tax year 2022 onwards, the income specified under section 7E (tax on deemed income) of the Income Tax Ordinance 2001 will be subject to taxation at the rates specified in Division VIIIC of Part-I of the First Schedule.<\/p>\n\n\n\n

Read: <\/strong>LDA notifies hike in property transfer rate<\/a><\/p>\n\n\n\n

For resident individuals, 5 percent of the fair market value of capital assets held in Pakistan on the last day of the tax year (excluding specific situations) will be treated as taxable income under this section.<\/p>\n\n\n\n

These measures have been introduced to enhance tax compliance and strengthen the taxation framework concerning property transfers in the country, as outlined in the Finance Bill 2023.<\/p>\n","protected":false},"excerpt":{"rendered":"

The federal government has introduced a significant requirement concerning tax payment for sellers or transferors of immovable properties..<\/p>\n","protected":false},"author":83,"featured_media":64102,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[57140,57139],"persona":[],"class_list":{"0":"post-94032","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-finance-bill-2023","9":"tag-finance-bill-2023-govt-implements-new-tax-requirements-for-property-transfers","10":"cat-15015-id"},"acf":[],"yoast_head":"\nCondition for Property Transfers in Finance Bill- Zameen News<\/title>\n<meta name=\"description\" content=\"The federal government shared condition for property transfers in finance bill 2023 for immovable properties.....\" \/>\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\/condition-property-transfers-finance-bill.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Condition for Property Transfers in Finance Bill- Zameen News\" \/>\n<meta property=\"og:description\" content=\"The federal government shared condition for property transfers in finance bill 2023 for immovable properties.....\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/condition-property-transfers-finance-bill.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News & Pakistan Property News & Latest Updates - 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