Income Tax Alert!
Any person selling immovable property above 25m can only sell the property if he has discharged his tax liability under Section 7E of the Income Tax Ordinance 2001.
If the seller has not discharged his liability under Sec. 7E, he is required to pay the tax and produce the evidence of tax payment (CPR) to the registering authority before selling the property.
If the seller has already paid the tax or is not required to pay the tax under Sec. 7E, he shall furnish a certificate duly issued by the commissioner inland revenue having jurisdiction over the seller.
Note: This tax will be in addition to advance tax under sec 236C, which is 3% for filer and 6% for Non filer.
