Important news has come out regarding the tax on the sale of inherited property. A meeting of the Standing Committee on Finance of the National Assembly was held under the chairmanship of Chairman Syed Naveed Qamar, in which officials of the Federal Board of Revenue (FBR) also participated. The meeting proposed a capital gains tax on the sale of inherited property and plots.
Regarding the proposal, FBR officials told the participants of the meeting that the cost of the inherited property will be considered the market value on the day of the owner’s death, the inherited property transferred through family settlement will get legal protection, and its actual value will be considered from the day the father dies.
They said that after this, the value of the property will be subject to capital gains tax. The value of the plot was Rs 80 million at the time of the father’s death, but if it becomes Rs 100 million on sale, then capital gains will be charged on Rs 20 million.
Chairman of the Committee, Syed Naveed Qamar, said that the actual cost should be considered from the day the property is transferred.
The Standing Committee suggested the actual cost from the day of transfer of ownership.
Also Read, IHC puts MCI property tax bill on hold
Earlier, the Islamabad High Court (IHC) suspended the property tax bill proposed by the Metropolitan Corporation of Islamabad (MCI).
The IHC on June 17 suspended the said bill and has summoned answers from the federal government and other related authorities.
While hearing the petition filed by Ahmad Hassan Rana, Justice Khadim Hussain Soomro passed the order to withhold the property tax bill of the MCI.
Ahmad Hussain Rana challenged both the gazette notification for the year 2024 and the property tax bill proposed in April 2026.
