Budget 2024-25: 45% Tax on Property Sales for Non-Filers Proposed
Government Targets Rs 477.11 Billion from Property Income Tax
The federal government’s budget for the fiscal year 2024-25 introduces significant changes to the tax structure for property transactions. As outlined in the budget documents, there will be an increase in the capital gains tax on property transactions in the coming financial year.
During his budget speech to the National Assembly, Federal Finance Minister Muhammad Aurangzeb announced that the tax rate on the purchase and sale of property for filers will be set at 15%.
However, non-filers will face a steep 45% tax rate on similar transactions. The budget also establishes distinct tax rates for filers, non-filers, and late filers with respect to immovable properties.
The minister highlighted that these changes are designed to document the economy and address issues within the housing sector. He emphasized that these measures will promote transparency and accountability in property transactions, ensuring proper accommodation for the public.
The government aims to generate Rs 477.11 billion from property income tax in the upcoming fiscal year. This initiative is expected to be crucial in reaching this revenue goal while fostering a more structured. And documented real estate market.