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Purchase of assets through banking channel
(1) Notwithstanding anything contained in any other law, for the time being in force, no person shall purchase-
(a) immovable property having fair market value greater than five million Rupees; or (b) any other asset having fair market value more than one million Rupees, otherwise than by a crossed cheque drawn on a bank or through crossed demand draft or crossed pay order or any other crossed banking instrument or through digital means showing transfer of amount from one bank account to another bank account.
(2) For the purposes of this section in case of immovable property, fair market value means value notified by the Board under sub-section (4) of section 68 or value fixed by the provincial authority for the purposes of stamp duty, whichever is higher.
(3) In case the transaction is not undertaken in the manner specified in sub-section (1), -
(a) such asset shall not be eligible for any allowance under sections 22, 23, 24 and 25 of this Ordinance; and (b) such amount shall not be treated as cost in terms of section 76 of this Ordinance for computation of any gain on sale of such asset.
(a) immovable property having fair market value greater than five million Rupees; or (b) any other asset having fair market value more than one million Rupees, otherwise than by a crossed cheque drawn on a bank or through crossed demand draft or crossed pay order or any other crossed banking instrument or through digital means showing transfer of amount from one bank account to another bank account.
(2) For the purposes of this section in case of immovable property, fair market value means value notified by the Board under sub-section (4) of section 68 or value fixed by the provincial authority for the purposes of stamp duty, whichever is higher.
(3) In case the transaction is not undertaken in the manner specified in sub-section (1), -
(a) such asset shall not be eligible for any allowance under sections 22, 23, 24 and 25 of this Ordinance; and (b) such amount shall not be treated as cost in terms of section 76 of this Ordinance for computation of any gain on sale of such asset.
Amendment history (2)
- New section 75A inserted by the Finance Act, 2019.
- Words inserted by the Finance Act, 2025.
Amendment notes captured from the source page(s); they may include changes to neighbouring provisions.
Source FBR PDF page 144
Unofficial reference, compiled from the FBR’s consolidated Income Tax Ordinance 2001 (amended up to 30 June 2026). Provided for general information only — not an official FBR publication and not legal or tax advice. Always verify against the official FBR text before relying on it for filing or any decision.