Business
Budget FY25: Govt proposes 15pc tax on filers, 45pc on non-filers on sale, purchase of property
It is proposed to introduce separate rates for filers, non-filers and late filers on immovable properties
Islamabad: The federal budget for the fiscal year 2024-25 has proposed to increase the tax rate for filers and non-filers on the sale and purchase of property.
According to the budget document, it has been proposed to increase the tax on capital gains on property in the next financial year. The filer will be taxed at 15 per cent on the purchase and sale of property while the non-filers will be taxed up to 45pc on the purchase and sale of property.
It is proposed to introduce separate rates for filers, non-filers and late filers on immovable properties.
Federal Finance Minister Muhammad Aurangzeb while presenting the budget in the National Assembly said that this initiative will help document the economy and end rumours in the housing sector. In this way, people will also get proper accommodation, he added.