Categories
Property Law

SALE, PURCHASE AND TRANSFER OF PROPERTY REAL ESTATE IN PAKISTAN

SALE, PURCHASE AND TRANSFER OF PROPERTY/REAL ESTATE IN PAKISTAN

OUR LAW FIRM advises and assists clients in sale, purchase and leasing of commercial, agricultural and residential properties in Karachi, Paksitan. We successfully complete the whole process of verification and registration of title documents, procurement of revenue documents “Farad” and get mutation of names in the revenue record.

In developed countries people sell, purchase and transfer property through Law Firms and get avoid from fraud and legal complications. But unfortunately in Pakistan, people directly go for this business, without verification of the title deeds and legal status of the property and get trapped in frauds and legal complications.

After visiting the properties shown by Estate Agent or Property Consultants. The best and safe way to sell, purchase and transfer of property is firstly to consult with lawyer for verification and checking the legal status of the property and then to enter into full written agreement by setting out all the terms and conditions in it. This would save you from property frauds, legal complications and loss of your money.

We initiate speedy legal proceedings against the offenders of Land Grabbing, Illegal Possession of property and Transfer of property by fraudulent manner.

OUR Law Firm provides clients with the best legal services to handle business transactions and deals of all sizes, including contracts and/or agreements pertaining to buying and selling property, leasing for the lessee or lessor, sales and maintenance of real estate and farms and vacant land.

OUR Law Firm has a wide range of practice areas in relation to registration. We guide clients in accordance with the Registration Laws of the Real Estate applicable in Pakistan. In collaboration with our partners, we empower clients to obtain the rights on their ownerships.

OUR Law Firm has experienced litigators, who appear for clients before all levels of the Pakistani courts in order to fight on behalf of them, for both the plaintiff and the defendant, before all stages of arbitration panels and the various forms of the ADR as well as representing them in all attempts to attain an amicable settlement with their opponents.

Irfan Mir Halepota, Advocate Supreme Court of Pakistan.

Submit Your Query For a Legal Advice

For rapid response you can also submit your Query at WhatsApp on +92 321 205 7582 For a Legal Advice
 
Law Firm in Pakistan dealing with Civil Litigation, Commercial, Intellectual Property, Real Estate and Family Laws of Pakistan.
E-26, Glass Tower, Clifton
Karachi, Sindh
PK
Phone: +92 321 205 7582


Categories
Employment

The Civil Servants Act, 1973

The Civil Servants Act, 1973 is an Act to regulate the appointment of persons to, and the terms and conditions of service of persons in, the service of Pakistan.

Appointments to an All-Pakistan Service or to a civil service of the Federation or to a civil post in connection with the affairs of the Federation, including any civil post connected with defence, shall be made in the prescribed manner by the President or by a person authorised by the President in that behalf.

An initial appointment to a service or post not being an ad hoc appointment, shall be on probation as may be prescribed. Any appointment of a civil servant by promotion or transfer to a service or post may also be made in probation as may be prescribed.
Where, in respect of any service or post, the satisfactory completion of probation includes the passing of a prescribed examination, test or course or successful completion of any training, a person appointed on probation to such service or post who, before the expiry of the original or extended period of his probation has failed to pass such examination or test or to successfully complete course or the training shall, except as may be prescribed otherwise,–
(a) if he was appointed to such service or post by initial recruitment, be discharged ; or
(b) if he was appointed to such service or post by promotion or transfer, be reverted to the service or post from which he was promoted or transferred and against which he holds a lien or, if there be no such service or post, be discharged

A person appointed on probation shall, on satisfactory completion of his probation, be eligible for confirmation in a service or, as the case may be, a post as may be prescribed.

A civil servant promoted to a post on regular basis shall be eligible for confirmation after rendering satisfactory service for the period prescribed for confirmation therein.
For proper administration of a service, cadre or [post] the appointing authority shall cause a seniority list of the members for the time being of such service, cadre or [post] to be prepared, but nothing herein contained shall be construed to confer any vested right to a particular seniority in such service, cadre or [post], as the case may be.
The seniority of a civil servant shall be reckoned in relation to other civil servants belonging to the same [service or cadre] whether serving in the same department or office or not, as may be prescribed. Seniority on initial appointment to a service, cadre or post shall be determined as may be prescribed. Seniority in [a post, service or cadre] to which a civil servant is promoted shall take effect from the date of regular appointment to that post:
Provided that civil servants who are selected for promotion to a higher [post] in one batch shall, on their promotion to the higher [post]. retain their inter se seniority as in the lower [post].

A civil servant possessing such minimum qualifications as may be prescribed shall be eligible for promotion to a [higher] post for the time being reserved under the rules for departmental promotion in the service or cadre to which he belongs.
(2) A post referred to in sub-section (1) may either be a selection post or a non selection post to which promotions shall be made as may be prescribed-
(i) in the case of a selection post, on the basis of selection on merit; and
(ii) in the case of a non-selection post, on the basis of seniority-cum-fitness.

Every civil servant is to be liable to serve any where within or outside Pakistan, in any post under the Federal Government, or any Provincial Government or local authority, or a corporation or body set up or established by any such Government. Provided that nothing contained in this section shall apply to a civil servant recruited specifically to serve in a particular area or region :

The service of a civil servant may be terminated without notice-
(i) during the initial or extended period of his probation :
Provided that, where such civil servant is appointed by promotion on probation or, as the case may be, is transferred from one [service], cadre or post to another [service] cadre or post, his service shall not be so terminated so long as he holds a lien against his former post in such [service] cadre or post but he shall be reverted to his former [service], cadre or post as the case may be;
(ii) on the expiry of the initial or extended period of his employment; or
(iii) if the appointment is made ad hoc terminable on the appointment of a person on the recommendation of the selection authority, on the appointment of such person.
(2) Where, on the abolition of a post or reduction in the number of posts in a cadre or [service] the services of a civil servant are required to be terminated, the person whose services are terminated shall ordinarily he the one who is the most junior in such cadre or service.
(3) notwithstanding the provisions of sub-section (1), but subject to the provisions of sub-section (2), the service of a civil servant in temporary employment or appointed ad hoc shall be liable to termination on fourteen days” notice or pay in lieu thereof.
 

A civil servant shall retire from service on the completion of the sixtieth year of his age.

A retired civil servant shall not be re-employed under the Federal Government, unless such re-employment is necessary in the public interest and is made with the prior approval of the authority next above the appointing authority :
Provided that, where the appointing authority is the President, such re-employment may be ordered with the approval of the President.
(2) Subject to the provisions of sub-section (1) of section 3 of the Ex-Government Servants (Employment with Foreign Governments) (Prohibition) Act, 1966 (XII of 1966), a civil servant may, during leave preparatory to retirement, or after retirement from Government service, seek any private employment:
Provided that, where employment is sought by a civil servant while on leave preparatory to retirement or within two years of the date of his retirement, he shall obtain the prior approval of the prescribed authority.

Where a right to prefer an appeal or apply for review in respect of any order relating to the terms and conditions of his service is provided to a civil servant under any rules applicable to him.such appeal or application shall, except as may be otherwise prescribed be made within thirty days of the date of such order.
(2) Where no provision for appeal or review exists under the rules in respect of any order or class of orders, a civil servant aggrieved by any such order -nay. within thirty days of the communication to him of such order, make a representation against it to the authority next above the authority which made the order:
Provided that no representation shall lie on matters relating to the determination of fitness of a person to hold a particular post or to be promoted to a higher post or grade.

 

Fell Free to Contact Us for detailed consultation.

Irfan Mir Halepota, Advocate Supreme Court of Pakistan.

Karachi Office

Office # E-26, Executive Floor,
Glass Tower,
Khayaban-e-Iqbal (Clifton Road),
Teen Talwar, Clifton,
Karachi, Sindh,
Pakistan.

Telephone No.  +92-21-35642634
Mobile Phone No. +92-321-2057582
Mobile Phone No. +92-300-8233580

Email: info@irfanlaw.com
Website: https://www.irfanlaw.com

Law Firm based in Karachi and Islamabad having well experienced Advocates and Lawyers in the fields of Civil Service and Employment Law.
E-26, Executive Floor, Glass Tower, Clifton,
Karachi, Sindh
PK
Phone: 03212057582

Categories
Corporate Law

Commercial Agreement & Contracts Drafting and Vetting

Commercial Agreement Contracts Karachi PakistanIrfan Mir Halepota & Associates have outstanding knowledge and experience in drafting and vetting of various kinds of Agreements and Contracts.  We have considerable experience in the drafting and interpretation of a wide variety of contracts including Partnership and Association Agreements, Shareholders’ Agreements, Agreements for the sale of businesses and property, Licence and Agency Agreements, Franchise Agreements and Contracts of Employment. Our aim is to provide you and your business with the best contractual safeguards possible, and we encourage you to take advantage of our free, without obligation, audit.

Actually, we feel more excited when we are assigned to draft a new and challenging document. That we do it excellently well is evident from our repeat customers and from their kind words of appreciation. So far, we have received repeat orders from 100% of our clients.

After getting instructions from you about the agreement to be drafted, our team gets into action. We prepare the first draft and send it across. You give us the feedback and within days the agreement is ready to be signed.

Our agreements are simple to understand. We have deliberately done away with most of the jargon. Of course, we can draft in the toughest of legal language, but only on specific instructions. Our motto is to simplify all legal transactions in order to have transparent business environment.

We provide extensive guidance notes with all our agreements which will help you understand each and every clause in the agreements.

We also promise to provide you ongoing support in interpretation or any modifications of the existing agreements at nominal fee. Our team members include highly-qualified and experienced professionals who understand your requirements.

Satellite Launching Service Agreements, Technology Transfer Agreements, Software License Agreements, Escrow Agreements, Property Lease Documents, Business Purchase Documents, Terms and Conditions for various types of business requirements, Memorandum of Understandings (MOUs), Policy Manuals, Regulations for Regulatory Authorities, Bye-Laws, Franchise Agreements, Employment Agreements, Office Leases, Trademark, Copyright and Patent Transfer Agreements, Joint Venture Agreements (JVAs), Non-disclosure / Confidentiality (NDC) Agreements, Partnership Agreements, Online Service / Product Provider’s Agreements, Website Use Agreement and other wide range of specific agreements suitable to every business, corporate and commercial concern.

The firm has successfully represented its clients on negotiating and finalizing high stake financial, contractual and commercial arrangements. We assist our clients in preparation of legal documentation including drafting of contracts for establishing joint ventures in Pakistan and abroad, distribution, agency & franchise Agreements, manufacture and supply agreements, business purchase, brand acquisition, asset purchase, transfer of technology, licensing and assignment of Intellectual property, besides other commercial arrangements. We have advised a leading manufacturer of lighting products in Pakistan in setting up of their Joint Ventures in different parts of the world and also prepared legal documentation for Acquisition of a business undertaking of a renowned multinational company based in USA, UK, Europe and Middle East. The firm has also advised Asia’s largest manufacturer of sports goods on negotiating & settling their commercial agreements including distributorship agreements, manufacture- supply agreements, trademark Licence agreements, and technology sublicense agreements besides other commercial contracts.

Drafting and vetting of joint venture agreements, technical know-how agreements, share purchase agreements, sales representatives agreements, event management agreements, manufacturing agreements, sponsorship agreements, marketing agreement, advertisement services agreements, non-disclosure agreements, non-competition agreements, official channel / magazine agreements, licence agreements, trademarks user agreements, deed of assignment of trademarks, security and hypothecation agreements, employment agreements, franchise agreements, memorandum and rules & regulations of societies, trust deeds, trust rules, wills, etc.

We provide a range of Contract Management and Document Review services to clients in Aviation, BPO, Infrastructure, IT, Manufacturing and Telecom.

Drafting and Vetting of Legal Documents

Drafting and Vetting of Transaction Documents

Structuring of SPVs for Infrastructure Projects

Drafting of Master Services Agreements

Drafting of Service Level Agreements

Drafting of Non Disclosure and Confidentiality Agreements

Submit Your Query For a Legal Advice

 
Law Firm in Pakistan dealing with Mergers and Acquisitions Laws of Pakistan.
E-26, Glass Tower, Clifton
Karachi, Sindh
PK
Phone: +92 321 205 7582


Categories
Property Law

Property Law in Karachi Pakistan

Top Law Firms in Karachi PakistanOur Law Firm provide the property legal services to valued clients from the purchase of the property to disposal of the property. This law

01. Sale Deed Conveyance Deed in Karachi Pakistan

02. All kinds of property Deeds in Karachi Pakistan

03. Surrender Transfer and Relinquishment Deed in Karachi Pakistan

04. Mutation of the Property in Karachi Pakistan

05. Lease and sub-Lease of the property in Karachi Pakistan

06. Inheritance transfer and share division of the property in Karachi Pakistan

07. Succession and Letter of Administration in Karachi Pakistan

08. Possession and Declaration of the Title of the Property in Karachi Pakistan

09. Injunction of the suit in Karachi Pakistan

10. Property Documentation in Karachi Pakistan

11. Sale and Purchase of the Property agreements/Deeds in Karachi Pakistan

12. Registration of the Deed before sub-Registrar in Karachi Pakistan

13. Illegal Dispossession in Karachi Pakistan

14. Tenancy Agreement in Karachi Pakistan

15. Housing society Transfer mutations in Karachi Pakistan

16. Property Tax in Karachi Pakistan

Our Office is based in Clifton, easily reachable from all parts of Karachi, including Defence and other Areas.

Recently the largest property deals are being made in Bahria Town Projects in Karachi Pakistan.

If you require more information, Feel Free to Contact Us for detailed consultation.

Telephone: 0321-2057582

Regular Website:  http://www.irfanlaw.com

Irfan Mir Halepota, Advocate Supreme Court of Pakistan.

Law Firm based in Karachi having well experienced Advocates and Lawyers in the fields of Real Estate and Property Law.
E-26, Executive Floor, Glass Tower, Clifton,
Karachi, Sindh
PK
Phone: 03212057582

Sale Deed Conveyance Deed,  All kinds of property Deeds, Surrender Transfer and Relinquishment Deed, Mutation of the Property in Karachi Pakistan, Lease and sub-Lease of the property, Inheritance transfer and share division of the property,  Succession and Letter of Administration, Possession and Declaration of the Title of the Property, Injunction of the suit  Pakistan, Property Documentation in Karachi, Sale and Purchase of the Property agreements/Deeds, Registration of the Deed before sub-Registrar, Illegal Dispossession, Tenancy Agreement Housing society Transfer mutations in Karachi Pakistan Property Tax

Categories
Property Law

Procedure for Transfer of Property in Defence Housing Authority DHA Karachi Pakistan

  1. To apply for transfer of plot in Defence Housing Authority DHA Karachi Pakistan following documents are required to be submitted: –

    1. Covering letter requesting for transfer of a plot with additional three signatures for signing in the presence of Defence Housing Authority Designated Officers. (Specimen attached).
    2. Affidavit on Rs 20/- Stamp Paper (Specimen Attached) duly attested.
    3. Original Allotment Order / Transfer Order / Division Order / Title document.
    4. 1 x Photocopy of CNIC of both parties duly attested.
    5. Undertaking regarding loan / mortgage of plot (specimen attached).
    6. In case only Intimation Letter has been issued, transfer of plot can be undertaken through an application for Issuance of Allotment Order and Cancellation in name of new owners (Specimen attached).
    7. In case of Transfer of plot in the name of more than one owner, a consent letter from all the co-sharers is required to be attached, indicating / mentioning the name and address of the co-sharer on which the correspondence is to be made (Specimen attached).
    8. GHQ NOC, in case of transfer by Army allottee officer.
  2. Ensure all dues on the plot are cleared.
  3. Attach CVT paid proforma for all size of commercial plots and 500 sq yds or above Residential plots.
  4. After ‘Sign Before’ on the transfer documents, the designated officer will return the documents to the transferor.
  5. Once you (transferor) and the buyer (transferee) have completed your transaction for whatever consideration, then the papers may be handed over to the buyer (Transferee).
  6. The Transferee to pay the transfer fee in the Account Branch. The Account Branch Counter will make necessary endorsement on the covering letter.
  7. The buyer (transferee) to deposit the Transfer Documents at the Reception (veranda) and obtain a receipt. The receipt will indicate the date of collection.

NOTES

  1. All fees are subject to change without notice.
  2. Before making out a Pay Order / Bank Draft please find out the outstanding dues and current rate of Fee from Accounts Branch Counter.
  3. In case you desire your case to be processed on urgent basis, on payment of requisite emergent fee, please contact the Director T&R for necessary endorsement before paying the fees / submitting the documents at the counter.
  4. Attestation of Affidavits:
    • Affidavit executed within Karachi (Pakistan) be got attested by Oath Commissioner / Notary Public / Nazim concerned.

    • Affidavit executed outside Karachi (within Pakistan) be got attested by 1st class Magistrate / Nazim concerned.

    • Affidavits executed outside Pakistan be got attested from authorized officer of Pak Embassy abroad or the Consulate General.

  5. The Buyer may check whether the property is clear or not for transfer by paying Rs. 1000/- in cash at account counter. Information will be given the next day.
  6. For Transfer through court, the Transfer papers to be prepared after getting briefing from Administrative Officer.
  7. Officers (from all svcs) who are original allottees of DHA Karachi and desirous of disposing off / tfr their plots have to obtain NOC from GHQ, AG’s Branch (DHA Cell) Rwp.

If you require more information, Feel Free to Contact Us for detailed consultation.

Telephone: 0321-2057582

Regular Website:  http://www.irfanlaw.com

 

Law Firm based in Karachi having well experienced Advocates and Lawyers in the fields of Real Estate and Property Law.
E-26, Executive Floor, Glass Tower, Clifton,
Karachi, Sindh
PK
Phone: 03212057582

 

Categories
Environment Law

ENVIRONMENTAL TRIBUNAL RULES,

ENVIRONMENTAL TRIBUNAL RULES, 1999

Some Definitions as described in Pakistan Environmental Tribunal Rules as as under :-

“Act” means the Pakistan Environmental Protection Act, 1997

“Bench” means a bench of tribunal comprising the Chairperson
and at least one other Member;

“Chairperson” means Chairperson of the Tribunal;

“Corporation service” means employment in a corporation or other
body set up, established, owned, managed or controlled by the Federal or
a Provincial Government;

“Director General” means the Director-General of the Federal
Agency;

“Member” means member of the Tribunal;

“Service of Pakistan” shall have the same meaning as defined
clause (1) of Article 260 of the Constitution of the Islamic Republic of
Pakistan, 1973;

“Tribunal” means Environment Tribunal established under subsection
(1) of section 20 of the Act and includes a Bench.
(2) All other words and expressions used in these rules but not defined shall
have the same meanings as are assigned to them in the Act.

The term of office of the Chairperson and Members shall not exceed three
years: Provide that the Federal Government may extend the term of office of the
Chairperson or any Member for such period, not exceeding three years, as it may deem fit.

If you require more information, Feel Free to Contact Us for detailed consultation.

Telephone: 0321-2057582

Website:  http://www.irfanlaw.com

 

Law Firm based in Karachi having well experienced Advocates and Lawyers in the fields of Environmental Law.
E-26, Executive Floor, Glass Tower, Clifton,
Karachi, Sindh
PK
Phone: 03212057582

Categories
Property Law

Defence Housing Authority DHA Karachi Transfer of Plot to the Legal Heirs

TRANSFER OF PLOT WILL BE CARRIED OUT IN ACCORDANCE WITH THE ISLAMIC LAW OF INHERITANCE FOR MUSLIM MEMBERS AND RESPECTIVE LAW OF INHERITANCE FOR OTHER RELIGIONS.

  • To apply for transfer to Legal Heirs following documents are required to be submitted: –

    • The Legal Heirs apply for the transfer by giving an application and Affidavit on Rs. 20/- stamp Paper.
    • Copy of Death Certificate of deceased duly attested.
    • Original title document. In case the title document is not available due to loss etc the procedure of issue of CTC will be adopted.
    • Fingerprints and three specimen signatures of each Legal Heir on plain papers separately (For Female, right hand and For Male, left hand)
    • Two latest photographs of each Legal Heir duly attested.
    • 1 x attested photocopy of valid CNIC of each Legal Heir. (For minors, attach Form “B” of NADRA).
    • 1 x attested photocopy of CNIC/NIC of deceased.
    • Heirship Certificate duly attested by Justice of Peace/Nazim concerned/1st class Magistrate.
    • In case of more than one Legal Heirs, a consent letter from all the co-sharers be attached, indicating/mentioning the address on which the correspondence is to be made.
    • In case of single heir, Female only or Minors only as legal heirs, the following will also be submitted: –
      • Press publication as per specimen.
      • Affidavits from two reliable witnesses (deceased’s relatives) as per specimen.
  • Submission of Documents. The completed documents may be submitted to DHA By Post or By Hand through any one of the heirs (for heirs outside Karachi ONLY). For heirs residing in Karachi, documents be submitted PERSONALLY by any one of the heirs.

  • Once the legal heir documents have been accepted by the DHA Designated officer, please go over to the Accounts Branch (Cash Counter). The accounts branch will make necessary endorsement on the covering letter and then Transfer Documents be deposited at the Reception Counter. A Receipt will be issued by the Reception Counter.

NOTES

  • After the requirements given above are met, Defence Housing Authority would scrutinize the papers and hand over /post, draft Press Publication to the Legal heir for necessary publication in newspapers published from Karachi and the city/province of the deceased’s residence.

  • In case of any query/clarification, the senior legal heir or any one of the legal heir may be called for interview in DHA.

  • After transfer of property in the names of legal heirs, no further transfer will be made within one year from the date of transfer order.

  • Attestation of Affidavits :

    • Affidavit executed within Karachi be got attested by Oath Commissioner/Notary Public
    • Affidavit executed outside Karachi (within Pakistan) be got attested by 1st class Magistrate.
    • Affidavits executed outside Pakistan be got attested from authorized officer of Pak Embassy abroad / Consulate General.

If you require more information, Feel Free to Contact Us for detailed consultation.

Telephone: 0321-2057582

Website:  http://www.irfanlaw.com

 

Law Firm based in Karachi having well experienced Advocates and Lawyers in the fields of Real Estate and Property Law.
E-26, Executive Floor, Glass Tower, Clifton,
Karachi, Sindh
PK
Phone: 03212057582

Categories
Corporate Law

Partnership

Partnership

1. A partnership is a business relationship entered into by a formal agreement between two or more persons or corporations carrying on a business in common.
2. The capital for a partnership is provided by the partners, who are liable for the total debts of the firms and who share the profits and losses of the business concern according to the terms of the partnership agreement.
3. Partnerships (other than banking companies) are generally limited in size to twenty partners.
4. The interest of a partner is transferable only with the prior consent of the other partner(s).
5. However, a partner’s right to a share of the partnership income may be received in trust for another person.
6. The partnerships are classified into the following two categories for the purpose of taxation:
i. Registered Firms
ii. Unregistered Firms
7. The income of the registered firm is subject to Tax before distribution to the partners.
8. Also the individual income of the partners is subject to income tax at the usual rates.
9. The unregistered firms, income tax may be levied on the firm’s income and the partners are not liable to pay tax on the shares of profit received from the unregistered firm(s).

Submit Your Query For a Legal Advice

For rapid response you can also submit your Query at WhatsApp on +92 321 205 7582 For a Legal Advice
 
Law Firm in Pakistan dealing with Civil Litigation, Commercial, Intellectual Property, Real Estate and Family Laws of Pakistan.
E-26, Glass Tower, Clifton
Karachi, Sindh
PK
Phone: +92 321 205 7582


Categories
Intellectual Property

Intellectual Property Law Firm in Karachi Pakistan

 

Top Law Firms in Karachi PakistanThe Definition of Intellectual Property Rights is the rights which refers to the creations of the human mind such as artistic work; musical work; literary work; inventions; symbols; names; images; designs use in commerce; copyrights; trademarks; patents and related rights. These rights give exclusive right to the creators of such work to use, perform, transfer or sell these rights. On the same hand if any individual, firm, company etc. uses these rights without permission or authority of the owners of theses rights then they have the right to initiate court proceedings against the infringers by way of damages, injunctions and accounts.

Irfan Mir Halepota & Associates specializes in Intellectual Property Laws. We advise on the protection and registration of trademarks, copyrights, patents, industrial designs, geographical indications, Internet domain names, etc. in Pakistan.

Irfan Mir Halepota & Associates also advises on information and technology transfers and drafts and negotiates licensing and franchising agreements.

Irfan Mir Halepaota & Associates has been ranked as one of the top and Best Corporate Law Firms in Pakistan by the Legal 500, HG and other International Directories of Law Firms.

Please Contact Usfor detailed consultation.

For more information visit our website

Website Home page:  http://www.irfanlaw.com

 

Call:          +92 (0)321 205 7582

Law Firm based in Karachi and Islamabad having well experienced Advocates and Lawyers in the fields of Intellectual Property Law.
E-26, Executive Floor, Glass Tower, Clifton,
Karachi, Sindh
PK
Phone: 03212057582

Categories
Property Law Real Estate Deals Tax

Property Valuation FBR State Bank of Pakistan

FBR Pakistan Tax Property ValuationThe Finance Bill 2016 an amendment to Section 68 of Income Tax Ordinance, 2001 had been proposed under which commissioner Inland Revenue had been empowered to reject the collector value of provincial government and appoint valuation committee to ascertain fair market value to determine the income tax.

The amendment seeks to determine fair market value of property without regard to value fixed or notified by any provincial authority for the purpose of stamp or for any other purpose.
Property of posh areas in big cities like Karachi, Lahore, Islamabad which disclosed that the declared value was much lower than the open market value thus causing huge monetary losses to national exchequer.
It is generally observed by the Government Authorities that Property business in big cities had become source of parking undeclared or black money.
The amendment is proposed to be effective from July 01, 2016 but the commissioner IR could able to determine the valuation of past six years as envisaged in the tax laws.
The existing Section 68 explains fair market value as:
(1) For the purposes of this Ordinance, the fair market value of any property or rent, asset, service, benefit or perquisite at a particular time shall be the price which the property or rent, asset, service, benefit or perquisite would ordinarily fetch on sale or supply in the open market at that time.
(2) The fair market value of any property 3[or rent], asset, service, benefit or perquisite shall be determined without regard to any restriction on transfer or to the fact that it is not otherwise convertible to cash.
(3) Where the price referred to in sub-section (1) is not ordinarily ascertainable, such price may be determined by the Commissioner.
Further Section 222 of the Ordinance authorized the commissioner to appoint expert. It said: “The commission may appoint any expert as the commission considers necessary for the purpose of the Ordinance for the purpose of audit of valuation.”

Irfan Mir Halepota, Advocate Supreme Court of Pakistan.