Monday, July 15, 2024

Budget 2024-25 Proposes Increased Taxes on Sale & Purchase of Property

The federal budget for the fiscal year 2024-25 has proposed an increase in the tax rate for filers and non-filers on the sale and purchase of property.

According to the budget document, it is proposed to raise the tax on capital gains from property transactions in the next financial year. Filers will face a 15 percent tax on property transactions, while non-filers will be taxed up to 45 percent.

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Separate rates for filers, non-filers, and late filers on immovable properties have also been proposed.

Presenting the budget in the National Assembly, Federal Finance Minister Muhammad Aurangzeb stated that this initiative aims to document the economy and curb speculation in the housing sector. He added that this move will also ensure proper accommodation for people.

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