{"id":67409,"date":"2020-07-01T17:46:29","date_gmt":"2020-07-01T12:46:29","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=67409"},"modified":"2020-07-03T17:47:57","modified_gmt":"2020-07-03T12:47:57","slug":"dc-rate-of-properties-increased-in-punjab","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/dc-rate-of-properties-increased-in-punjab.html","title":{"rendered":"DC rate of properties increased in Punjab"},"content":{"rendered":"\n

Lahore: Local District Collectors (DCs) have provided their approval to the increase in the sarkari<\/em> (official) rates for immovable properties in the province, according to a news source. As per details, the said rates have been increased by 10% to 15%.<\/p>\n\n\n\n

It is pertinent to mention here that the Punjab government did not impose any new taxes on property transactions for Fiscal Year (FY) 2020-21 and further reduced the stamp duty<\/a> from the previous 2% to 1% in an attempt to promote related activities in the real estate sector.<\/p>\n\n\n\n

Read: Budget 2020-21: Relief measures announced for real estate, construction sectors<\/a><\/p>\n\n\n\n

Moreover, the provincial government, during its budget 2020-21 announcement suggested the postponement of application of valuation tables<\/a> on immovable property for collection of taxes applicable at the federal level for one year starting from today (July 1).<\/p>\n\n\n\n

With the approval granted to increase the DC rate<\/a> by 10% to 15% according to value and demand of properties in respective cities and areas within these cities, the new benchmark rate for collection of provincial taxes on property transfers has come been implemented from today onwards.<\/p>\n\n\n\n

Read: Tax relief measures announced under Finance Bill 2020 to go in effect today<\/a><\/p>\n\n\n\n

Sources also claim that due to imposition of new DC rates, an unusual activity was witnessed in property registration branches in Lahore during the last few days of June (the closing period of FY2019-20), when people attempted to get their property transfer related tasks completed by June 30 to avoid tax payments in the upcoming FY.<\/p>\n\n\n\n

\n","protected":false},"excerpt":{"rendered":"

Lahore: Local District Collectors (DCs) have provided their approval to the increase in the sarkari (official) rates for immovable properties in the province, according to a news source. As per details, the said rates have been increased by 10% to 15%. It is pertinent to mention here that the Punjab government did not impose any new taxes on property transactions for Fiscal Year (FY) 2020-21 and further reduced the stamp duty from the previous 2% to 1% in an attempt to promote related activities in the real estate sector. Read: Budget 2020-21: Relief measures announced for real estate, construction sectors Moreover, the provincial government, during its budget 2020-21 announcement suggested the postponement of application of valuation tables on immovable property for collection of taxes applicable at the federal level for one year starting from today (July 1). With the approval granted to increase the DC rate by 10% to 15% according to value and demand of properties in respective cities and areas within these cities, the new benchmark rate for collection of provincial taxes on property transfers has come been implemented from today onwards. Read: Tax relief measures announced under Finance Bill 2020 to go in effect today Sources also…<\/p>\n","protected":false},"author":18,"featured_media":61600,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015,15017],"tags":[33416,33415,33417,33414,15023],"persona":[],"class_list":{"0":"post-67409","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"category-notices-announcements","9":"tag-dc-rates-2020","10":"tag-dc-rates-in-punjab-2020","11":"tag-new-dc-rates-in-punjab","12":"tag-new-dc-rates-in-punjab-for-2020","13":"tag-slider","14":"cat-15015-id","15":"cat-15017-id"},"acf":[],"yoast_head":"\nDC rate of properties increased in Punjab - Zameen News<\/title>\n<meta name=\"description\" content=\"With the approval granted to increase the DC rate, the new benchmark rate for collection of provincial taxes on property transfers has come\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/dc-rate-of-properties-increased-in-punjab.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DC rate of properties increased in Punjab - 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