The Federal Board of Revenue (FBR) has made it mandatory for income tax return filers for the tax year 2025 to declare the fair market value of immovable properties during purchase, sale, or if already owned, starting July 1, 2025.
As per a draft return form issued through SRO 1213(I)/2025 dated July 7, 2025, a new section has been added requiring taxpayers to manually re-enter the fair market valuation and other details of each property, even if the system has already auto-filled the information based on past declarations.
Taxpayers must ensure all their immovable properties are declared with their fair market value. They must also make sure that the previously declared property details are re-entered manually.
FBR has also warned that incomplete property information may lead to an invalid return.
The new requirement applies to all individuals who file tax returns and own immovable assets, including plots, houses, apartments, and commercial units.
