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Punjab Govt reduced the stamp duty alongwith other incentives for the Property sector.
Punjab Finance Minister Makhdoom Hashim Jawan Bakhat on Monday presented the provincial budget proposal for the FY 2020-21 in the Punjab Assembly.
During the budget speech in the assembly session, he said on Monday that it has been proposed in the next FY budget to bring down Stamp Duty ratio from five to only one per cent that will promote construction industry and help generate employments. For this, Land & Revenue act 1967 will be amended.
It has been proposed in the budget document to charge tax at Rs 50 per square foot and Rs 100 per yard from property builders and developers, and the property builder and developer will pay tax, he will be exempted from tax on construction services.
New Valuation Table of property tax is also deferred for one year.
Property Tax can be paid in two parts in this coming financial year.
Till 30th Sept 2020, 10% rebate would be given instead of 5% in case of full tax payment. Similarly, surcharge would be exempted during financial year 2020-21.
اسٹامپ ڈیوٹی میں کمی کے علاوہ پنجاب حکومت کی تعمیراتی شعبہ کے لئے بجٹ میں دیگر مراعات
FBR reduces CGT & Tax rate on immovable property in the Budget FY 2020-21
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