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Income Tax Ordinance, 2001
CHAPTER-III TAX ON TAXABLE INCOME PART III HEAD OF INCOME: INCOME FROM PROPERTY
From: 2023-07-01 - To: 0000-00-00 15. Income from property.- (1) The rent received or receivable by a person 1[for] a tax year, other than rent exempt from tax under this Ordinance, shall be chargeable to tax in that year under the head “Income from Property”. (2) Subject to sub-section (3), “rent” means any amount received or receivable by the owner of land or a building as consideration for the use or occupation of, or the right to use or occupy, the land or building, and includes any forfeited deposit paid under a contract for the sale of land or a building. (3) This section shall not apply to any rent received or receivable by any person in respect of the lease of a building together with plant and machinery and such rent shall be chargeable to tax under the head “Income from Other Sources”. 2[(3A) Where any amount is included in rent received or receivable by any person for the provision of amenities, utilities or any other service connected with the renting of the building, such amount shall be chargeable to tax under the head “Income from Other Sources”.] (4) Subject to sub-section (5), where the rent received or receivable by a person is less than the fair market rent for the property, the person shall be treated as having derived the fair market rent for the period the property is let on rent in the tax year. (5) Sub-section (4) shall not apply where the fair market rent is included in the income of the lessee chargeable to tax under the head “Salary”. 3[***] _____________________________________ 1-Substituted for the word “in” by the Finance Act, 2003. 2-Sub-section (3A) by the Finance Act, 2003. 3-Sub-section “(6) (7)” omitted by the Finance Act, 2021. Earlier it was inserted by Finance Act, 2016. Earlier it was omitted by Finance Act, 2013. Earlier it was inserted by Finance Act, 2006. Section 15(6) 15(7) before omission by Financa Act, 2021 read as: “(6) Income under this section shall be liable to tax at the rate specified in Division VI of Part I of the First Schedule.” “(7) the provisions of sub-section (1), shall not apply in respect of a taxpayer who— (i) is an individual or association of persons; (ii) derives income chargeable to tax under…
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