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LAHORE: The tax experts have questioned the new eligibility criteria introduced by the government for individuals and companies looking to purchase immovable properties.
According to the new rules, a person is considered eligible if they have filed their income tax return for the preceding tax year and have sufficient resources to cover the transaction. Sufficient resources are defined as having at least 130% of the cash and cash equivalent assets declared in their wealth statement for the previous tax year.
Tax expert Ashfaq Tola said if someone wants to buy a property in Tax Year 2025, he will be considered an eligible person if they filed their income tax return for Tax Year 2024 and have sufficient resources to cover the transaction.
On the other hand, an “ineligible person” is someone who does not meet these criteria. This includes individuals who have not filed their income tax return for the preceding tax year or do not have sufficient resources to cover the transaction.
To illustrate this, said Shahid Hussain, another tax consultant, consider the case of Mr A, who filed his income tax return for Tax Year 2024 and declared his wealth at PKR 100. However, he wants to purchase a property worth PKR 500. Despite being a filer, Mr A would be considered an ineligible person due to insufficient resources.
According to the tax practitioners, the new rules aim to ensure that individuals and companies have the necessary financial resources to undertake immovable property transactions. They have advised taxpayers to carefully review their financial situation and ensure they meet the eligibility criteria before entering into any property transactions.
Source: Business Recorder, 2025
https://www.brecorder.com/news/40341087/...ansactions