Tax on all big housing schemes and bungalows is ready to implement.

Excise and Tax Deptt. of Govt of Punjab is committed to apply Property tax on all big housing schemes and bungalows.

Government of Punjab has prepared its plan to impose property tax on all big housing societies, Defence Societies, cantonments, and Luxury bungalows.

Authorities of Tax and Excise Deptt. told that plan of tax implementation on all big bungalows is at final stage. It will be implemented on big and luxurious bungalows without any discretion.

 As per approved law, Luxury Tax is as below:

Rs. 500,000/-:-       Bungalow with area 2 kanals but less than 4 kanals

Rs.1,000,000/-:       Bungalow with areas 4 kanals to but less than 8 kanals

Rs.1,500,000/-:       Bungalow with areas greater than 8 kanals

If any owner has paid the tax, the new owner of that bungalow will be exempted from tax.

It was hoped initially that there would be earning of Rs. 2.5 Billions from this tax. Experts say revenue can be more than Rs. 5 Billions if Law is implemented on a big scale.