Rawalpindi: Deputy Commissioners across Punjab have increased the Deputy Collector’s (DC) rates across the province by 10% to 30%, reported a news source. The new rates will be applicable from July 1, 2019.
As per the news source, the percentage rise in the DC rate is higher for properties located in high-end areas as compared to those in secondary neighbourhoods. For deciding the new DC rates, the concerned authorities have also taken into account the areas and societies that recorded a high number of property transactions during the fiscal year 2018-19.
As per the news source, on the purchase of property in Rawalpindi City from July 1 onwards, the buyers will pay 5% as stamp duty and 1% as corporation tax plus district council fee. The buyers in Rawalpindi Cantonment areas will pay 5% as stamp duty and 3% as property transfer tax.
In all districts of Punjab, there will be duty charges of 3% of the property value on the issuance of irrevocable powers of attorney and 2% on the issuance of general powers of attorney.
Furthermore, the federal government has allowed non-filers to purchase property worth up PKR 5 million or more from July 1, 2019 onwards. This is in addition to the reduction of withholding tax on property owners from 2% to 1%.