Section 7E

FBR has relaxed the conditions under Section 7E of Income Tax Ordinance 2001 in the jurisdiction of Lahore High Court (LHC). The Section 7E of Income Tax Ordinance 2001 required property sellers to obtain an exemption certificate from the Commissioner Inland Revenue prior to transfer of property.

The Section 7E had caused lot of panic in the real estate sector and property transactions had come to almost a complete halt. This court decision is welcomed by the realty sector which hoped that business activity will gradually resume after relaxing this condition.

Download circular no. 3: https://download1.fbr.gov.pk/Docs/20238151885349774CircularNo03of2023(IncomeTax).pdf

Read news in Business Recorder: https://www.brecorder.com/news/40258133#:~:text=Under%20the%20circular%2C%20Section%207E,General%20of%20Designated%20Non%2DFinancial