CIRCULAR NO. 1 OF 1975 DATED 17/07/1975

VALUATION OF AGRIGULTURAL LANDS FOR GIFT TAX, WEALTH-TAX AND ESTATE DUTY PURPOSES CIRCULAR NO. 1 OF 1975 DATED 17/07/1975 GOVERNMENT OF PAKISTAN CENTRAL BOARD OF REVENUE Subject:- VALUATION OF AGRIGULTURAL LANDS FOR GIFT TAX, WEALTH-TAX AND ESTATE DUTY PURPOSES Repeated reference are being made to the Central Board of Revenue seeking Clarification regarding the applicability of Rules made under the Gift Tax Act, 1963, Wealth Tax Act, 1963 and Estate Duty Act, 1950 in respect of valuation of agricultural land for the purposes of the aforesaid three Acts. 2. The matter has been considered in the Central Board of Revenue and it has been decided that since the relevant notifications were not given restrospective effect, their application will be as follows:-- a) Sub-rule (3B) of rule 9 of the Gift Tax Rules prescribing the method of valuation of agricultural lands for purposes of Gift-tax was intruduced vide notification No. SRO. 292(I)/71 dated 29-7-1971.…