The Punjab government had imposed a luxury home tax on residential buildings in the rating zone declared under the Punjab Urban Property Tax Act 1958 and residential buildings in cantonment areas defined under the 1924 Cantoning Act in response to the Finance Act 2014. This tax is in addition to the immovable property tax levied on the owners/tenants of residential buildings, the characteristics of which are shown in the table, and the responsibility to pay this tax is borne jointly and separately by the owner or Is levied on the tenant. for use, this purpose uses the Luxury House Tax Calculator.
Taxes must be paid only four times in quarterly installments on or before September 30, 2014, the first payment not to be made after September 30, 2014, and the equivalent payments not to be made after September 30, 2014, Should go The year refers to the last day of the quarter. However, in case of one lakh thefts, if the tax is paid before September 30, 2014, and an additional 1% monthly fee is charged on taxable receipts, a 10% discount on tax liabilities is allowed. If the tax is paid after the above deadline.
If a person has paid all or part of the one-time tax on a luxury home under the Punjab Finance Act 2013, he may need to make an adjustment in the amount equal to the tax payable under the Punjab Finance Act 2014. A residential building, the construction of which was previously completed on 01-01-2001, or the ownership of a residential building in the possession of a person on the basis of opening the inheritance before 1.7.2014, or the residential building or part thereof The widow inherits the property and uses it for permanent residence. Housing will be exempt from this tax provided the widow owns more than one taxable house, she will be eligible for the exemption in respect of only one house.
The rates of luxury house tax areas under or visit Luxury House Tax Calculator
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Location |
Category of Residential house |
Rate of tax |
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In Lahore district including Lahore cantonment and Walton cantonment |
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In rating area of divisional headquarters district and all the cantonments to the district of the divisional headquarters. |
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In remaining rating areas and cantonments. |
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Provided that for calculating tax for additional areas less than one kanal pro-rata rates for each full marla shall be applied and area less than one marla shall be excluded.
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