Government of Pakistan announced budget for 2024-25 financial year. The government revised tax rates for sale and purchase of property. In this financial year government massively increased the taxes on sale of property (section 236c) and purchase of property (section 236k). These revised tax rates are given through finance bill 2024-25. In this article, you will able to learn about the Revised Tax Rates for Sale and Purchase of Property in 2024-25.
In the finance bill 2024, government introduces a new section for those persons who filed their tax returns after due date. It is happening first time in the history that a new tax rate is introduced from person who are appearing on active taxpayers’ list but have not filed tax return by the due date.
In the given table I have given a complete detail of all the revised tax rates as per finance bill 2024.
Revised Advance Tax on Sale of Property (section 236c)
Here is an updated property tax rates for sale of property in 2024-2025:
| Sr. No | Property Value | Filer (return submitted with in due date) | Filer (return submitted after due date) | Non-Filer |
|---|---|---|---|---|
| 1 | Where the gross amount of the consideration received does not exceed Rs. 50 million | 3% | 6% | 10% |
| 2 | Where the gross amount of the consideration received exceeds Rs. 50 million but does not exceeds Rs. 100 million | 3.5% | 7% | 10% |
| 3 | Where the gross amount of the consideration received exceeds Rs. 100 million | 4% | 8% | 10% |
Revised Advance Tax on Purchase of Property (section 236k)
Here is an updated property tax rates for purchase of property in 2024-2025:
| Sr. No | Property Value | Filer (return submitted with in due date) | Filer (return submitted after due date) | Non-Filer |
|---|---|---|---|---|
| 1 | Where the gross amount of the consideration received does not exceed Rs. 50 million | 3% | 6% | 12% |
| 2 | Where the gross amount of the consideration received exceeds Rs. 50 million but does not exceeds Rs. 100 million | 3.5% | 7% | 16% |
| 3 | Where the gross amount of the consideration received exceeds Rs. 100 million | 4% | 8% | 20% |
The government indicates that the aim of such high taxes is to force every taxable person to submit tax return in time. If you have any question about these tax rates ask in the comment section below. You can also see the revised tax rates for both Salary and Business Individual and AOPs.
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Can I please get the sale tax on Agriculture land in Punjab ? . I can’t seem to find any info regarding it. I’ll be thankful for any help regarding it.