business
Friday Jun 10 2022
By
Web Desk

Budget: Tax details of properties

By
Web Desk
Representational image of houses in Islamabad. — Reuters/ File
Representational image of houses in Islamabad. — Reuters/ File

The coalition government unveiled the budget for the fiscal year 2022-23 with an outlay of Rs9.5 trillion as it seeks to stabilise the economy and revive the stalled International Monetary Fund (IMF) programme.

In the new budget, among other sectors, the government has also proposed hiking taxes on immovable properties.

The details are as follows:

S.no

Holding Period

Rate of Tax



Open Plots

Constructed property

Flats

(1)

(2)

(3)

(4)

(5)

1.

Where the holding period does not exceed one year

15%

15%

15%

2.

Where the holding period exceeds one year but does not exceed two years

12.5%

10%

7.5%

3.

Where the holding period exceeds two years but does not exceed three years

10%

7.5%

0

4.

Where the holding period exceeds three years but does not exceed four years

7.5%

5%

-