Revised Punjab DC rates applicable from July 1 - Zameen News

Revised Punjab DC rates applicable from July 1

June 26, 2019 • news

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.

Read: DC rates in Rawalpindi to increase by 10%

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.

Read: DC rate to be applicable in areas without FBR rates

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.

Read: Budget 2018-19: FBR, DC rates’ abolition proposed

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%.