ISLAMABAD: Federal Board of Revenue (FBR) has reduced valuation of immovable properties by up to 51 percent that are located in three different areas of Lahore.
The FBR issued SRO 17(I)/2018 on Thursday to amend SRO 673(I)/2016, dated August 02, 2016 through which the revenue body introduced the property valuation for the city of Lahore for determination of withholding tax on sale and purchase of immovable properties.
According to the latest SRO the valuation of residential properties located Allama Iqbal Town, Lahore has been reduced to Rs562,500 per marla from the valuation of Rs837,500 per marla.
Similarly, the valuation of immovable properties at Shalimar Town, Lahore has been reduced to Rs363,000 per marla from Rs748,500 per marla.
The valuations of immovable properties at four different locations in Nishtar Town, Lahore have been reduced to Rs237,500, Rs275,500, Rs190,000 and Rs200,000 from previous valuation of Ra385,000, Rs440,000, Rs221,000 and Rs209,000, respectively.