Bilawal House Owner Name Revealed

Bilawal-House-in-Lahore’s-Bahria-townLahore: The name of owner of Bilawal House revealed by the spokesperson of Bahria Town while saying that the ownership of Bilawal House in Bahria Town, Lahore is on the name of Housing Society recently. According to sources, Bahria Town’s spokesperson said that Bahria Town has received Rs170 million for the property while its total worth is Rs480.5m as transfer process of property can only be possible through seal deadline after completion of remaining balance which is Rs310.5m.

It has also said in an issued statement by Bahria Town that we follow complete rules and regulations of Securities and Exchange Commission of Pakistan (SECP) as we cannot give any property to anyone in the name of gift. It is important to mention here that the rumors were emerging from the past several months that the property Bilawal House was gifted by the Chairman of Bahria Town Malik Riaz to ex- president Asif Ali Zardari.

In this regard, a report issued by the FBR’s Intelligence and Investigation (I&I)’s Lahore office has made it clear that there are no records which shows the name of owner of this property. However this report clears that Malik Riaz does not owns this property so he cannot gift Bilawal House to Asif Ali Zardari. Despite the fact, the property was purchased by the Zardari Group Pvt Ltd which is registered with SECP where Bilawal Bhutto Zardari and Faryal Talpur are serving as directors of the company while Asif Ali Zardari, Bakhtawar and Aseefa and Zardari’s mother Bilquis Sultana are known as shareholders in the company.

The company was constructed in 1981 with amount Rs1m by having National Tax Number (NTN) but no tax returns has been submitted since the time of its creation as only minimal amount of tax was filed by the company in February 2015. By seeing all that facts, I&I directorate started to investigate the property in 2014 with the view that how it is possible for a company with a small collection to buy such a worthy property.

[alert style=”white”] Bilawal House, Lahore was sold to the Zardari Group on 6th May, 2013, according to FBR’s officials. [/alert]

On the other hand, regional tax office in Karachi is responsible to find the sources of investment in Bilawal House as well as company is also required to show their investments for the property. However actions will be taken against property and company under Section 114 of the Income Tax Ordinance 2001.

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