For tax year 2022 and beyond, income specified in this section shall be subject to taxation at the rates outlined in Division VIIIC of Part-I of the First Schedule.”
A resident individual will be considered to have earned taxable income under this section equal to five percent of the fair market value of capital assets located in Pakistan, excluding the following, on the last day of the tax year
Self-using one capital asset;
owned business premises for business person is a Filer at any time during the year;
owned agriculture land for agriculture activity (excludes farmhouses and land annexed to them);
Capital assets allotted to certain individuals such as Shaheeds or dependents of Shaheeds belonging to Pakistan Armed Forces, war wounded persons serving Pakistan Armed Forces, Federal and Provincial Government and more;
Income from any property which is chargeable to tax under the Ordinance and tax on the same has been paid in same period
Same year purchasing capital asset on which advance tax u/s 236K has been paid
Assets below 25 Million
Constructor,builders and developers those are registered with Directorate General of Designated Non-Financial Businesses and Professions of Board (DNFBP)