Section 7E. Tax on Deemed Income.
The following immovable property doesn’t comes under the purview of 7E and they’re not subject to tax. They are exempt from 7E irrespective of the holding period.
1. Owning only one capital asset.
2. Self-owned business premises used for business, if the person is a Filer at any time during the year.
3. Self-owned agricultural land used for agricultural activity (excluding farmhouses and annexed land).
4. Capital assets allotted to:
- Shaheeds or their dependents (Pakistan Armed Forces),
- War-wounded personnel of Armed Forces,
- Certain Federal and Provincial Government personnel.
5. Property income already taxed under the Ordinance, with tax duly paid.
6. Capital assets acquired during the tax year on which advance tax under section 236K has been paid.
7. Capital assets (other than exempted ones above) where the aggregate fair market value does not exceed Rs. 25 million.
8. Capital assets owned by Provincial or Local Governments.
9. Capital assets held for land development/construction by registered development authorities, builders, and developers (registered with DG DNFBP)
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