FBR Makes Fair Market Value Declaration Mandatory for All Property Owners in 2025 Tax Returns
The Federal Board of Revenue (FBR) has introduced a new requirement for income tax return filers for the tax year 2025, making it mandatory to declare the fair market value of all immovable properties starting July 1, 2025.
According to a draft income tax return form issued through SRO 1213(I)/2025 on July 7, 2025, taxpayers are now required to manually re-enter the fair market value and details of each property, even if the system has auto-filled the information based on prior declarations.
ALSO READ
FBR to Take Action Against Non-Compliant Terminal Operators at Ports
Key Highlights of the New Rule:
-
The rule applies to all individuals who file income tax returns and own immovable assets, including:
-
Residential plots
-
Houses
-
Apartments
-
Commercial properties
-
-
Taxpayers must manually enter:
-
Fair market value of each property
-
Type and location of the asset
-
Date of purchase or sale
-
Other required identification details
-
-
This applies whether the property is newly acquired, recently sold, or already owned.
Incomplete Declarations May Invalidate Returns
The FBR has clearly stated that incomplete or missing property information may result in the rejection of the tax return, making compliance crucial for all filers.
This new step aims to enhance transparency, improve asset tracking, and ensure that property transactions reflect their actual market value, thereby strengthening tax compliance across the country.
What You Should Do:
-
Log in to the FBR IRIS portal after July 1, 2025.
-
Review your auto-filled data, but do not skip manual entry.
-
Double-check for any missing properties and enter the correct market value.
-
Make sure all required fields are completed to avoid filing issues.
As this update affects millions of property owners across Pakistan, staying informed and proactive is essential. For step-by-step filing guidance, consult a tax professional or visit the official FBR website.
