Amendment in SRO 1724(I)/2024 Regarding Valuation Tables of lmmoveable Property of (Karachi)

Government of Pakistan Revenue Division Federal':::l-"-t *"'""'" Islamabad, the I lth February, 2025. NOTIFICATION S.R.O. 144(I)/2025. In exercise ofthe powers conferred by sub-section (4) ofsection -68 of the Income Tax Ordinance, 2001 (XLX of 2001), the Federal Board of Revenue is pleased 1o direct that the following amendments shall be made in its Notification No. S.R.O.1724(l)/2024, dated the 29th Octobet 2024, namely- In the aforesaid Notification, after the Table, the following shall be inserted, namely:- (a) values in the above Table are in rupees; ground floor plus covered area (b) value is per square foot olthe covered area ofthe for the additional floors; (c) values for the amenity plots shall be 50% ofthe residential plots ofthe respective area; (d) commercial property built up value is per squzre foot of the covered area of the ground floor plus covered area ofthe additional floors. ifany; (e) builrup industrial property value is per square foot of the entire plot area plus covered area of the plot per square foot; (f) value in respect ofa residential building consisting of more than one storey shall be increased by 25% for each additional storey i.e. value of each storey other than ground floor shall be calculated @25Vo of the value ofthe ground floorl (g) a property which does not appear to fall in any of the categories shown in the property valuation table shall be deemed to fall in the adjacent highest property; (h) whether the tand has been granted for more than one purpose viz. residential, commercial and industrial, the valuation in such a case shall be the mean/average prescribed rate; (i) a flat means the covered residential tenement having separate property unit number/ sub-property unit number; () in residential, multi storey building. additional storey shall be charged if it consists ofbed room and bath room: (k) the rates for basements of built in commercial property shall be 20% of the value of ground floor; (l) high rises means a building with Storeys above ground plus five;

(m) the value of the residential built-up property (including basement and first floor) is allowed to be reduced according to the following criteria, namely:- S. No Age of Built-up Structue Percentage Reduction in Value I Upto 5 Years No reduction allowed 5o/o2 5 to l0 Years 7.50o/o3 l0 to 15 Years 4 15 to 25 Years 10% Value equal to open plot5 More than 25 Years be (n) the value of built-up property (flats and aparffnents) is allowed to reduced according to the following criteria, namely:- S. No Age of Built-up Structure Percentage Reduction in Value I Up to 5 Years No reduction allowed 10o/o2 5 to l0 Years 3 l0 to 2OYears 20% 4 20 to 30 Years 30% 50Yo5 More than 30 Years (o) the value of commercial built up property is allowed to be reduced according to the lollowing criteria- namely:- Sr. No Age of Built up Structure Percentage Reduction in Value I Up to l0 Years No reduction allowed 2 10-15 Years 5% 8o/o3 l5 to 25Years l0o/o4 More than 25 Years (p) the value of the commercial plots of Defence Housing Authority facing any Khayaban shall be increased by l57o; (q) the value of commercial built up excluding ground floor shall be reduced by 25%o: and (r) the value ofresidential plots ofthe following categories shall be decreased by 20ohi

(i) Nala facing plot; (ii) commercial-facingplot; (iii) school facing, mosque facing plot/ graveyard facing plot; and (iv) Rear plot (back Side plot)/ triangle plot Note.- Rear plot is the one lying behind the front portion only with a naITo\r corridor and not visible from road. lF. No.2(31) R& 5/20241 Rules & SROs)