ISLAMABAD, July 1: The Central Board of Revenue has notified the procedure for filing statement of immovable property and sale of motor cars on monthly basis with the income tax department.

Through an income tax notification SRO669 issued here on Saturday, the CBR also issued new statements regarding transfer of property and motor vehicles to be effective from July 1, 2006.

According to the notification, the monthly statement shall be filed by every person responsible to register or attest the transfer or right to use of immovable property (other than agricultural land), located in urban area, if it is measuring at least 500 sq yards or one kanal, whichever is less; or a residential flat with covered area measuring 1,500 sq feet and above; or a commercial property of any size.

The CBR also defined the urban areas limit for the filing of statements: the Islamabad capital territory; a cantonment board; or a municipal body. In case of Karachi, up to 40 km from the outer limit of municipal or cantonment limits; in case of Lahore and Faisalabad up to 30 km from the outer limit of municipal or cantonment limits; in other cases up to 10 km from the outer limits of municipal bodies or cantonment boards; and includes areas defined as such in the Urban Immoveable Property Tax Act, 1958 (WP Act V of 1958) and such areas as the Central Board of Revenue may, for time to time, by notification in the Official Gazette specify.Moreover, the statement shall be furnished on or before 10th of each month regarding properties registered or attested during the preceding month.

Similarly, every manufacturer, dealer of motor vehicle, registration authority, bank, or leasing company shall furnish a statement regarding sale or lease of motor vehicles on monthly basis to the commissioner or any officer appointed on his behalf. The statement shall be furnished on or before 10th of each month regarding sale or lease of motor vehicles during the preceding month.