Advertisement
News

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

Advertisement

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.

Budget 2024-25: Government Promotes Green Energy with Discounts on Solar Panels

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.

Advertisement
News Desk

Recent Posts

Senior Russian General Killed in Car Bomb Near Moscow

A senior Russian military official, Major General Yaroslav Moskalik, was killed on Friday in a…

16 hours ago

LUMS Launches CeDAR to Drive Blockchain and Web 3.0 Innovation in Pakistan

The Center for Digital Assets Research (CeDAR) at LUMS was officially launched on April 24,…

16 hours ago

IPAK Group Posts Strong Q3 Results

International Packaging Films Limited (IPAK) Group has recorded 66% increase in its revenues for the…

16 hours ago

AKU, Local and Global Partners Launch Landmark Malaria Elimination Project in Thatta

The Aga Khan University (AKU) marked World Malaria Day with the launch of the Thatta…

16 hours ago

Stanford Scientists Unveil Solar Panels That Work at Night

Researchers at Stanford University have unveiled a breakthrough in solar technology: a new type of…

16 hours ago

NDMA Warns of Severe Weather Across Pakistan, PMD Issues Heatwave Alert Ahead of May Storm System

The National Disaster Management Authority (NDMA) has warned of unstable weather conditions across several parts…

16 hours ago