New FBR Taxes on Property | Impact on Gulberg Residencia Islamabad
The property tax has been increased by FBR. A significant change is made in the law of FBR. A long list of cities has been issued. The application date of the new tax has also been announced. The valuation rate is different for every city. You can check by yourself the new valuation rate of your respective city.
What is this tax? How it will be applied? What is the new tax rate? When new tax rate will be applied? What are new valuations rates of Gulberg Residencia Islamabad? How you can check new valuation rate of your respective city? In this article we will try to answer these common queries of people.
Is Gulberg Residencia Islamabad included in list of new property tax?
Yes, Gulberg Residencia is included in the list of new property tax. Almost fifty- six cities included in the long list issued by FBR. The new rates will be applied in Rawalpindi, Islamabad, Abbottabad, Attock, Bahawalnagar, Bannu, Bhakar, Chakwal, Chiniot, Dera Ismail Khan, DG Khan, Faisalabad etc. You can check the list on the official website of FBR on internet.
When New Rates will be applied in Gulberg Residencia Islamabad?
The new rule will be effective from 1st November, 2024. The aim of FBR behind this rule is to increase the tax revenue. First, they gradually increased the rates in 2018, 2019, 2021 and in 2022. But now in 2024, FBR make a major change in the rates. FBR claims that they are receiving just 200 billion from real estate sector. Their target is to collect 600-700 billion from real estate sector.
New Valuation Rates | Gulberg Residencia Islamabad
Valuation rates of property has been increased by the FBR. They are increased to almost 80%. When we purchase any property, we have DC rate, FBR rate or actual rate. Normally what we do is where DC rate is not available, we use FBR rate. If FBR rate is not available then we use DC rate. In those two rates 236-C tax is payed by seller who is selling the property and 236-K tax is payed by buyer. Now FBR increased these rates. When rates increase, tax will automatically increase.
If we specifically talk about Gulberg Residencia Islamabad, the new valuation rates are:
| Sector / Location | Size in square yard | Value per square yard (PKR) |
| Gulberg Residencia with possession | Any size | 19,000 |
| Gulberg Residencia without possession | Any size | 13,000 |
| Gulberg Residencia | Flat | 5,500 |
| Gulberg Greens | Flat | 7,000 |
| Gulberg Greens | Commercial Plot | 13,774 |
| Gulberg Residencia | Commercial Plot | 10,500 |
| Gulberg Greens | Farm House with possession | 9,500,000 |
| Gulberg Greens | Farm House without possession | 6,500,000 |
You can check the new valuation rates of your respective city by visiting the website of FBR. After open it search, valuation of immovable properties. Then you will see the list of cities. Click on your respective city and check the new valuation rates.
Conclusion:
The new rule of FBR is not in the favor of real estate sector. As market is already down, this is too much burden on the tax payers. Instead of burdening again and again those people who are already paying tax, FBR should recover tax from people who are not paying taxes. The sudden change and high tax rate will hinder the investment in Gulberg Residencia Islamabad and investors will not invest or people will not buy the property.