Categories: Real Estate Guide

FBR’s Amnesty for Investment in Real Estate

Available Options under Amnesty

Those who are owners or purchasers of a building, or own a unit in a building can avail of the current amnesty in respect of the purchase price of a building or a unit in accordance with the following conditions:

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  • For New Projects registered with FBR under Section 100D of the Income Tax Ordinance, 2001:

 A person willing to avail of the amnesty shall make full payment through the banking channel (crossed banking instrument only) for the projects registered with FBR from the starting date of the project till 31st of March, 2023.

  • For Existing Projects registered with FBR under Section 100D of the Income Tax Ordinance, 2001

For existing projects registered with FBR, full or balanced payment is to be paid through the banking channel (Crossed banking instrument only) from the starting date of registration till 31st of March, 2023.

Registration of Process

Prior to availing the amnesty, FBR has made it mandatory for the purchaser to register with the regulatory authority. The process of registration is as follows:

  • Login to IRIS portal of FBR
  • Click on the registration tab and select the option of the purchaser. A registration tab will pop up.
  • On the extreme right, click ‘+’ icon and an info box will appear on the screen.
  • Enter the details regarding Existing/New project including the name and NTN of the project
  • Enter the purchase price, date of transfer, and location
  • Again, click on ‘+’ sign in the extreme right
  • Later, enter the details related to the instrument of payment
  • Click ‘Next’ and do not enter any data. Proceed with clicking on ‘Next’.
  • In the next phase, an attachment tab will open up and click on ‘+’ sign.
  • Attach all the relevant documents (FBR rates of relevant area, Map Approval, Transfer Deed/ Agreement to Sell)
  • Click Finish
  • Proceed to Verification Tab, enter PIN and verify.
  • Click on ‘Submit’ and the registration process will be completed.

Conditionality

  • As per the FBR, money invested and derived from the commission of criminal offences including Terror Finance, Money Laundering, and extortion will lead to the ineligibility of a purchaser from availing the amnesty scheme.
  • However, the money not derived from the commission of criminal offences, and not declared under the Income Tax Ordinance, 2001can be invested, are exempted and shall enjoy immunity from Section 111.

 

Maham Tahir

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