FBR valuation shall apply to all the transfers of immovable properties from the 31st of July 2016. It is irrespective of receipt of the payment on sale of the property. You'll use the FBR valuation to pay upfront tax according to section 236C. FBR will use the valuation determined to apply capital gain tax under section 37(1A). Taxpayers will need to declare income from capital gain in the return of income for tax year 2017.