Punjab Assembly’s ongoing budget session here Wednesday approved the Finance Bill 2024-25 by majority vote.
The bill features revision of taxes/duties including court fee and stamp duty to be implemented from next financial year (2024-25) starting from July 1, 2024.
Punjab Finance Minister Main Mujtaba Shuja-ur-Rehman presented the Finance Bill 2024-25 in the house.
According to the bill, the rate of court fee and stamp duty will be increased in the next FY and the governme nt would have authority to declare a property at high value.
According to the documents, changes have been made in the different series of column three of Schedule-I of the Court Fees Act 1870, the court fee will be charged at Rs.100 instead of Rs.1, and Rs.500 instead of Rs.2.
In the Finance Bill, the Stamp Act 1899 has been amended to increase the stamp duty, according to which the stamp duty which was Rs 100 has been enhanced to Rs 300; and the stamp duty of Rs 1200 has been increased to Rs 3,000. However, the future property tax will be charged according to capital value instead of rental table.
According to the bill, if a person pays less tax or tries to evade tax, a fine will be imposed in addition to this larceny. In the form of stamp duty, an additional Revenue of Rs 4.21 billion will be generated. Duty on stamp will increase for affidavit, contracts, divorce, power of attorney, tenancy etc.
The new rate of affidavit has been increased from Rs100 to Rs 300, stamp duty for sale of immovable property from Rs 1,200 to Rs 3,000, stamp duty for contract worth Rs 5 million from Rs1,200 to Rs 3,000, and stamp fee for divorce from Rs 100 to Rs 1,000.
