District Administration Desires To Fix Land Value In Rural Areas

District administration desires to fix land value in rural areas

ISLAMABAD, Jan 4 (UrduPoint / Pakistan Point News - 04th Jan, 2017 ) : Islamabad Capital Territory (ICT) administration Wednesday forwarded a summary to interior ministry seeking its recommendations to change property law or approve fix value of land in rural belt of the city to bring them under tax net.

The sources in the Deputy Commissioner Office said it had been practice in urban belt of the city that minimum value of land was fixed by Federal board of Revenue through Deputy Commissioner (DC rate) following which the seller and purchaser of a plot pay certain amount of tax on it.

No such official rate was fixed in the rural belt of the city and tax was avoided by mentioning a very low rate of the plot in sale deed, the source maintained.

In such conditions, the revenue officer followed the property rates mentioned in the land deeds by sellers and purchasers.

The sources told that FBR issued a revised DC rate in August 2016 fixing new prices of the land in the capital city which was Rs 10 million for a 1,000 square yard plot in E-12 and Rs 18 million for a similar plot in Sector F-6 and F-7.

District administration desired to fix such rates of land in the rural areas because of huge development activities being taking place in this belt. About the computerization of land record, the sources said record of 33 mauzas out of 112 had been computerized while the rest of the work was stopped because of a shortage of funds since 2014. APP/muk/aa/asg