Asset value in wealth statement

Question

I have a shop for which i had put the market value about  5 years ago in wealth statement. Now the fair market value has increased, should i change it and if so how? If I simply change it to a new, the difference between old and new value will appear in unreconciled amount. Please guide

Answer 1

Yes, you are correct.

In the Wealth Statement, property/asset values are generally declared at cost (i.e., purchase price or the value you initially adopted). However, since FBR has now added a separate column for Fair Market Value (FMV) in the Capital Assets/Wealth Statement, you don’t need to overwrite your original cost value.

Here’s how to handle it:

1. Keep the original cost as it is in the cost column (so no unreconciled amount arises).

2. Enter the updated Fair Market Value (FMV) in the new FMV column for the current year.

3. The difference between the old cost and new FMV will not go to “unreconciled” — instead, it will simply appear as the FMV in the return, which is meant only for disclosure purposes.

4. This way, your wealth reconciliation will remain consistent, and at the same time, the FBR can see the current fair value of the shop.

Comments

Madam , my house No.1, earlier i have written the price in FBR return of 2016,  50 thousand rupees  that time but now the FMV is 3 million. Now if i will sale this house how the Gain Tax will be calculated.