Punjab Assembly finance bill and property tax

Punjab assembly has passed the finance bill 2017.

As indicated by this bill all common charges on buy of property have been joined in stamp obligation. So as opposed to paying the different registry charge, stamp obligation and capital esteem assess, purchaser will simply pay the stamp obligation. Purchaser needs to pay 5% stamp obligation for urban properties and 3% stamp obligation for the enlistment of country properties. Same proportion will be connected to the skilled properties. Be that as it may, for the urban property skilled in family (companion, mother, father, child, little girl, grandma or granddad and so forth.) stamp obligation will be 3%. Stamp obligation will be issued Via E-stamping TICKET framework. Rs. 500/ – esteem stamp obligation will be required for the enlistment of records demonstrating the estimation of up to Rs 5 LAC and Rs. 1,000/ – for the enrollment of record demonstrating the esteem more than Rs 5 LAC.

New taxes on purchase / registry of property are;

Buyer – Filer (Urban property)

Stamp Duty = 5% as per DC Rate

Withholding Tax = 2% as per FBR Rate

Buyer – Filer (Rural property)

Stamp Duty = 3% as per DC Rate

Withholding Tax = 2% as per FBR Rate

Buyer – Non Filer (Urban property)

Stamp Duty = 5% as per DC Rate

Withholding Tax = 4% as per FBR Rate

Buyer – Non Filer (Rural property)

Stamp Duty = 3% as per DC Rate

Withholding Tax = 4% as per FBR Rate

Gifted property (not to relative)

For gifted properties stamp duty will be 5% for urban and 3% for rural areas.

Gifted property (spouse, mother, father, son, daughter, grandmother or grandfather etc.)

Stamp duty for urban property gifted within family members will be 3%.

(The above mentioned rates are only for Punjab. For other provinces please consult the registration authorities).

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