FBR to chase owners of undeclared immovable assets

Lahore: The Federal Board of Revenue has got hold of property registration data for major housing societies to find out details on the undeclared property assets made between 2016 and 2017, reported a news source. The move has been taken as part of the FBR’s plan to expand its inquiry against property buyers and sellers.

Sources claim that the date procured from the sub-registrar’s office will be compared with the details shared by the people. Those who had not declared their immovable assets made in the last two years will face legal actions.

The FBR is already investigating over 300 people who didn’t declare their real estate assets while filling income tax returns, who have also been served notices. Sources claim that a sizeable number of people didn’t declare their immovable property assets which called for these investigations.

The sources also claim that the FBR has the record of property registration of all property owners from Lahore has been sourced from sub-registrars of Wahga Town, Shalimar Town Iqbal Town, Nishtar Town, Data Gunj Bukhsh Town, Aziz Bhatti Town, Ravi Town, Gulberg Town and Samanabad Town.