Meaning
To ruin oneself for a fleeting show; to squander all for momentary pleasure.
Literally: 'to burn one's house and watch the spectacle'
See it in the verse
Ghar phoonk tamaasha dekhna in Iqbal’s couplets
Be-khatar kud pada aatish-e-Nimrood mein ishq
Aql hai mahv-e-tamasha-e-lab-e-baam abhi
Aql hai mahv-e-tamasha-e-lab-e-baam abhi
Love leapt fearlessly into the fire — while reason still stood on the rooftop's edge, lost in watching the spectacle.
Courage · Love · Action
Zahir ki aankh se na tamasha kare koi
Ho dekhna to dida-e-dil va kare koi
Ho dekhna to dida-e-dil va kare koi
Let no one watch the spectacle with the outward eye alone; if you would truly see, open the eye of the heart.
Self-Knowledge · Awakening