ISLAMABAD: The Federal Board of Revenue (FBR) has notified new property valuation tables for six more cities in Punjab.

In the valuation formula, Sialkot emerges with the lowest value for commercial properties among major cities of the country.

The total cities for which new valuation tables have been notified is now 18.

The new property tables, which came into effect on July 31, will be used for the calculation of federal taxes — capital gains tax (CGT), withholding tax and Section 111 of the Income Tax Ordinance 2001.

The new cities for which the tables have been notified are Sialkot, Jhang, Gujrat, Multan, Gujranwala and Faisalabad.

Like Lahore, Rawalpindi and Sarghoda, there is a uniformity in the units of land measures used for valuation in all the cities of Punjab.

The holding is calculated in marla, however, there is no distinction between commercial and industrial property in the tables issued for these cities.

The only difference is between residential and commercial areas, with no distinction between open plots or built-up ones.

The Sialkot city has been segregated into 346 residential and 352 commercial areas.

The residential plot value in Sialkot is calculated at the highest rate in Askari Colony (per house) at Rs19.25 million per marla, while the lowest rate of Rs82,500 is in areas of Bounkan Ghair Mumkin Garhay.

In Sialkot, the commercial property values calculated by the FBR emerged the lowest in the whole country.

The per marla commercial plot value is calculated at as low as Rs5,280 per marla in Prem Nagar, behind District Jail, while the highest per marla value of Rs115,500 was notified for Mirza Abdul Rauf Road to Lane No 5 and Lane 7 to Kh. Safdar Road.

In the commercial areas, the per marla price ranges between Rs6,000 to Rs30,000 for 352 places. As a result, Sialkot emerged as the city with the lowest values of commercial property for tax purposes.

In Faislabad, the highest per marla value of a residential property was calculated at Rs10.843m along Satiana Road, while the lowest at Rs57,500 at Chak 225RB. In 416 commercial places, the highest value is over Rs12m per marla as against the lowest of Rs108,000 per marla.

In Gujranwala, the city is segregated into 186 places both for residential and commercial purposes.

In the residential areas, the per marla price is calculated at Rs6.78 million on G.T. Road, Adda Gondlanwala to Nishat Cinema, while the lowest value is calculated at Rs84,000 for Arafat Colony and Abid Ghulam Husain Javed area.

New values were notified for residential properties in Jhang in 305 areas.

The highest value for a residential plot in Jhang was calculated at Rs1.569 million on Shaheed Road, while the lowest was Rs51,802 per marla in Chah Haweli Wala of the city.

Similarly, for commercial properties, new values were notified in 318 areas of the city.

The values of property in Jhang are segregated by Mouza.

There are a total of 538 localities in the Gujrat city, where the highest rate for residential plot is Rs6 million per marla in GTS Chowk to Dr Ghulam, while the lowest rate is Rs96,000 per marla in Rasheed Abad, near Kalra Abad.

New values were also notified for commercial land in three marla plots and above three marla plots, respectively.

There are 581 places in Multan city where the highest value was calculated had Rs12.96 million per marla in Mouza Bhaini (cultivated land), while the lowest at Rs83,309 for Basti Rasheedabad, Hashmi Road to Khanpur road. The new values were notified for commercial plots as well.

Published in Dawn, August 4th, 2016