KARACHI: The Federal Board of Income (FBR) has decreased valuation charges of the built-up property, providing aid to residents, ARY Information reported on Tuesday.
FBR has notified amended property valuation charges for Karachi, which features a year-wise depreciation worth of residential and business built-up properties.
In accordance with the notification, values of built-up constructions on residential property can be decreased step by step.
The worth of the 5 to 10 years outdated built-up construction of a residential home might be depreciated by 5%.
Equally, the worth of constructions which might be 10 to fifteen years outdated might be decreased by 7.5%, whereas constructions aged 15 to 25 years will see a ten% depreciation. For built-up constructions older than 25 years, their worth might be handled the identical as an open plot.
Moreover, the valuation for built-up properties akin to flats and residences will even be decreased based mostly on age.
A construction between 5 and 10 years outdated could have a depreciation of 10%, whereas constructions aged 10 to twenty years will see a 20% discount. Properties 20 to 30 years outdated will see a 30% depreciation, and people older than 30 years could have their worth decreased by 50%.
Learn Extra: FBR points property valuation for Karachi
As for business built-up properties, the worth of constructions 10 to fifteen years outdated might be depreciated by 5%, whereas these between 15 and 25 years outdated might be decreased by 8%. Properties older than 25 years will see a ten% lower in worth.
In distinction, the worth of economic plots within the Defence Housing Authority (DHA) dealing with any Khayaban will see a rise of 15%.