PUNJAB GOVERNMENT IMPOSES CONSTRUCTION STAMP DUTY ON PROPERTY TRANSFER

PUNJAB GOVERNMENT IMPOSES CONSTRUCTION STAMP DUTY ON PROPERTY TRANSFER
16 Sep, 2017

LAHORE: PUNJAB GOVERNMENT IMPOSES CONSTRUCTION STAMP DUTY ON PLOT TRANSFER, REPORTED A NEWS SOURCE.THE NEW TEX IS IN ADDITION TO STAMP DUTY PAID ON PROPERTY TRANSFER,WHICH IS CALCULATED ON THE DC RATE.

UNDER THE NEW TAX,PROPERTY BUYERS WILL NOW BE REQUIRED TO PAY STAMP DUTY,AS WELL AS THE ADDITIONAL CONSTRUCTION STAMP DUTY,ON THE COVERED AREA. THE NEW RATE FOR THIS HAVE BEEN SHARED WITH THE DEPARTMENTS CONCERNED.

ACCORDING TO THE GAZETTE NOTIFICATION ISSUED BY THE CONCERNED DEPARTMENT, PKR 35-40 PER SQUARE FOOT TAX WILL BE IMPOSED ON RESIDENTIAL PLOTS, THE COVERED AREA STAMP DUTY TAX IS PKR 60-65 PER SQUARE FOOT, IN ADDITION TO STAMP DUTY.

PUNJAB REVENUE DEPARTMENT HAS ALSO INSTRUCTED THE LAHORE DEVELOPMENT AUTHORITY (LDA) TO ENSURE THAT THE TEX IS APPLIED TO ALL PRIVATE AND PUBLIC HOUSING SOCIETIES.