The Federal Board of Revenue (FBR) has made it compulsory for all income tax return filers to report the fair market value of their immovable properties in their filings for the 2025 tax year, starting from July 1, 2025.
According to a draft return form issued under SRO 1213(I)/2025, dated July 7, 2025, a new section has been introduced in the form. This section asks taxpayers to manually input the fair market value and related details for each immovable property, even if the system has already pre-filled the data using previous records.
Taxpayers are required to ensure that all immovable assets—such as plots, houses, flats, and commercial properties—are disclosed with their correct market value. Additionally, any property information declared in previous returns must be manually re-entered, despite being auto-populated in the system.
FBR has cautioned that failure to provide complete or accurate property details may result in the return being considered invalid.
This new rule applies to all individuals who own immovable assets and are submitting returns for tax year 2025.
