Urban Immovable Property Tax Act 1958 Pdf Reader
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Synopsis
a). Definition of Immovable Property:
b). General Clauses Act:
Urban Immovable Property Tax Act 1958 Pdf Reader. Executive Summary. After a year of economic reforms, Egypt wants the world to know that it open for business and ready for investment. The country has rallied around an elected president who, with the assistance of a technocratic economic cabinet, has. Punjab's urban property tax: problems The Punjab Urban Immovable Property Tax (UIPT) is levied under the Property Tax Act of 1958. Although, folloWng the Local Government Ordinance (LGO) by IGC Growth Ce ntre The Consortium for Development Policy Research (CDPR) is an umbrella organisation that.
c). Registration Act 1908
d). Punjab Local Government (Tax on Transfer of Immovable Property) Rules 2001
e). Statutes imposing tax on immovable property in Punjab
i). The Punjab Urban Immovable Property Tax Act 1958
ii). Punjab Local Government Ordinance 2001
iii). Punjab Local Government Act of 2013
iv). Punjab Local Government’s (Tax on Transfer of Immovable Property) Rules, 2001
f) Assessment of Tax
i). Punjab Urban Immovable Property Tax Act of 1958
ii). Punjab Land Revenue Act
iii). Punjab Local Government’s (Tax on Transfer of Immovable Property) Rules, 2001
iv). The Cantonment Act of 1924
g) Statutes on Determination of Market Value of Immovable Property
i). Stamp Act 1899
ii). Punjab Pre-Emption Act
iii). Land Acquisition Act
h). Judgments on value of immovable property under different laws:
i). Value of the Immovable Property for the purposes of Punjab Urban Immovable Property Tax Act 1958
ii). Valuation for the purpose of Stamp Duty
iii). Valuation for the Purposes of Wealth Tax Act
iv). Valuation for the Purpose of Capital Gains Tax Rules 1964
i) Formula to calculate Annual Rental Value (ARV) Under Punjab Urban Immovable Property Tax Act of 1958
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Definition of Immovable Property:
Immovable property is defined in at least three Pakistani enactments namely, The West Pakistan General Clauses Act, 1956., The Registration Act of 1908, and Punjab Local Government (Tax on Transfer of Immovable Property) Rules, 2001.
General Clauses Act:
Under sub Section-31 of Section 2 of The West Pakistan General Clauses Act of 1956
(31) 'immovable property' shall include land, benefits to arise out of land, and things attached to the earth, or permanently fastened to anything attached to the earth;
Registration Act 1908
Under Sub Section 6 of Section 2 of the Registration Act of 1908 , Immovable Property is defined as
(6) 'immovable property' includes land, buildings, benefits to arise out of land, things attached to the earth, or permanently fastened to anything attached to the earth, hereditary allowances, rights to ways,
lights, ferries and fisheries but does not include-
(a) standing timber, growing crops or grass whether immediate
severance thereof is intended or not;
(b) fruit upon and juice in trees whether in existence or to grow
in future ; and
(c) machinery embedded in or attached to the earth, when dealt
with apart from the land ;
Punjab Local Government (Tax on Transfer of Immovable Property) Rules 2001
Under subsection (a) of Section 2 of the Punjab Local Government (Tax on Transfer of Immovable Property) Rules, 2001.
(a) “Immovable property” means any building or land situates with the limits of a Tehsil/Town Municipal Administration;
………….
Statutes imposing tax on immovable property in Punjab
- The Punjab Urban Immovable Property Tax Act 1958
- Punjab Local Government Ordinance 2001
- Punjab Local Government Act of 2013
- PunjabLocal Government’s (Tax on Transfer of Immovable Property) Rules, 2001
……….
- The Punjab Urban Immovable Property Tax Act 1958
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(1) Government may by notification[15] specify urban areas where tax shall be levied under this Act
Provided that one urban area may be divided into two or more rating areas or several urban areas may be grouped as one rating area
(2) Subject to the provisions of sub-sections (3) and (4), there shall be levied, charged and paid, a tax on the annual value of buildings and lands in a rating area at the rate of [16]twenty per cent of such annual value
(3) Government may, by notification, for reasons to be recorded, remit in whole or in part, the payment of the tax by any class of persons in respect of any category of property
Explanation– The annual value for the purpose of this section shall be the aggregate annual value of all buildings and lands owned by the same person in the rating area
(4) The tax shall be due from the owner of buildings and lands
(5) A rebate equal to five per cent of the amount of annual tax for a financial year will be given if the amount of annual tax is paid in lump sum on or before the [24][30th day of September] of the financial year
(6) From the first day of July, 1998 for calculating tax on owner-occupied properties the annual value shall be increased by twenty-five per cent of the annual value existing on the said day
Out of tax collected under this Act from within the limits of a Metropolitan Corporation, a Municipal Corporation, a Municipal Committee, a Town Committee, a Cantonment Board or any other authority legally entitled to or entrusted by the Government with the control or management of a municipal or local fund, the Government shall, after retaining five per cent thereof as collection charges, pay eighty-five per cent of the balance to such Metropolitan Corporation, Municipal Corporation, Municipal Committee, Town Committee, Cantonment Board or any other authority, as the case may be.
Notwithstanding anything to the contrary contained in this Act or in any other law for the time being in force, there shall be charged, levied and paid a tax on annual value of buildings and lands in a cantonment area at a rate not exceeding 20% and not less than 10% of such annual value as may be determined and notified by Government for such rating area or areas keeping in view the standard of development and availability of civic amenities, the general economic condition of the local population and income of the Cantonment Board concerned from other sources
2. Tax To be Levied under the Punjab Local Government 2001
(1) A Council may levy taxes, cesses, fees, rates, rents, tolls, charge, surcharge and levies
Provided that the Government shall vet the tax proposal prior to the approval by the concerned Council:
Provided further that the proposal shall be vetted within thirty days from the date of receipt of the proposal failing which it would deemed to have been vetted by the Government.
(2) No tax shall be levied without previous publication of the tax proposal and after inviting and hearing public objections.
(3) A Council may, subject to provisos of sub-section (1), increase, reduce, suspend, abolish or exempt any tax.]
[117. Rating Areas and Property Tax.–
(1) On commencement. of this Ordinance, every tehsil and town shall be rating areas within the meaning of the Punjab Urban Immovable Property Tax Act, 1958 (V of 1958).
(2) The Tehsil Council or Town Council, as the case may be, shall subject to the provisions of section 116, determine the rate of property tax in an area within the tehsil or town:
Provided that in the areas within a tehsil or town where rate has not been determined, the rate shall remain as zero.
(3) Unless varied under sub-section (2), the existing rates in the areas within a tehsil or town shall remain in force.
Explanation: For the purpose of this section the “rate” shall mean the tax leviable under the Punjab Urban Immovable Property Tax Act, 1958 (V of 1958).
(1) All taxes levied under this Ordinance shall be collected, as prescribed.]
(2) Failure to pay any tax and other money claimable under this Ordinance shall be an offence and the arrears shall be recovered as arrears of land revenue.]
3. Tax to be Levied under the Punjab Local Government Act of 2013
- 115. Taxes to be Levied.---
(1) Subject to this Act, a local government may, by notification in the official Gazette, levy any tax, fee, rate, rent, toll, charge or surcharge specified in Third Schedule.
(2) The Government shall vet the tax proposal prior to the approval of the tax by the local government in order to ensure that the proposal is reasonable and in accordance with law
(3) The Government shall vet the tax proposal within thirty days from the date of receipt of the proposal failing which it shall be deemed to have been vetted by the Government,
(4) A local government shall not levy a tax without previous publication of the tax proposal and inviting and hearing public objections,
(5) A local government may, subject to provision of subsection (1), increase, reduce, suspend, abolish or exempt any tax
- 116. Rating Areas and Property Tax.---
(1) On the commencement of this Act, a rating area in which tax has been imposed under the Punjab Local Government Ordinance, 2001 (XIII of 2001), shall continue to be rating area within the meaning of the Punjab Urban Immovable Property Tax Act, 1958 (V of 1958
(2) Notwithstanding anything contained in the Punjab Urban Immovable Property Tax Act 1958 (V of 1958), a Metropolitan Corporation, Municipal Corporation, Municipal Committee or a rural Union Council with urban characteristics may determine higher rate of property tax within its area in accordance with the provisions of section 115
(3) Where a Metropolitan Corporation, a Municipal Corporation, or a Municipal Committee has not determined the rate of property tax within its area, the property tax shall be levied in accordance with the provisions of the Punjab Urban Immovable Property Tax Act, 1958 (V of 1958)
(4) In matters for which no provision or no adequate provision relating to the property tax has been made under this Act, the provisions of the Punjab Urban Immovable Property Tax Act, 1958 (V of 1958) shall apply.
- 117. Collection of Taxes.---
(1) A tax or fee levied under this Act shall be collected in the prescribed manner
(2) The Government may prescribe the mode of collection of a tax or a fee levied under this Act and, for the purpose, may combine tax or fee of two or more local governments with a stipulation for division of proceeds of the tax or fee
(3) If a person fails to pay any tax or fee or any other money payable to a local government, the local government and, if so requested by the local government, the Government shall recover the tax, fee or other money as arrears of land revenue
(4) The recovery of tax, fee or other money under subsection (3) shall not absolve the person from prosecution for any offence under this Act or any other law
- 118. Minimum rate of Tax etc.-
(1) Notwithstanding anything contained in this Chapter, the Government may, by rules, determine the minimum rate of a tax or fee to be levied and collected by a local government,
(2) The Government may, for reasons to be recorded in writing and by notification in the official Gazette, exempt the levy of any tax or fee of a local government for a specified period of not more than fifteen days on any special occasion or in order to alleviate the specific hardship suffered by people at large or a section of people
4. Punjab Local Government’s (Tax on Transfer of Immovable Property) Rules, 2001
Section 3 & 4 of the Punjab Local Government’s (Tax on Transfer of Immovable Property) Rules, 2001 deals with the Assessment and Collection of Tax in the following words
3. Levy of tax.--A Local Government for a Tehsil/Town may levy tax on the transfer of immovable property situated within its limits as provided in Part II of the Second Schedule of the Punjab Local Government Ordinance, 2001.
(2) The rate of the tax shall be fixed as percentage of the amount of consideration of transfer of property.
Explanation.--For the purpose of this rule 'consideration' means the price paid for the transfer of the immovable property and where no price is paid the market value as assessed by the authority competent to collect the tax.
Assessment of Tax
1. Punjab Urban Immovable Property Tax Act 1958
.– The annual value of any land or building shall be ascertained by estimating the gross annual rent at which such land or building together with its appurtenances and any furniture that may be let for use or enjoyment with such building might reasonably be expected to be let from year to year, less-
a) any allowance not exceeding twenty per centum of the gross annual rent as the assessing authority in each particular case may consider reasonable rent for the furniture let with any such building
b) an allowance of ten per centum for the cost of repairs and for all other expenses necessary to maintain such building in a state to command such gross annual rent. Such deduction shall be calculated on the balance of the gross annual rent after the deduction, if any, under clause (a); and
c) any land revenue actually paid in respect of such building or land
Provided that in calculating the annual value of any building or land under this section the value of any machinery in such building or on such land shall be exclude
Notwithstanding the provisions of section 5, the annual value may be determined on the basis of such valuation tables and for such localities as may be notified by or under the authority of the Government.]
(1) There shall be an assessing authority for every rating area
(2) The assessing authority shall exercise such powers and perform such duties as are conferred on it by this Act or the rules made there under.
2. Punjab Land Revenue Act
Assessment is a process to estimate the value of property tax. Under Land Revenue Act, Land is assessed for Land Revenue. All Lands to whatever purpose applied and wherever situated are liable to the payment of Land Revenue except such land which has been exempted from the liability of Land Revenue.
Relevant Provisions of Land Revenue Act are
Section 56-70 of the Land Revenue Act.
3. Punjab Local Government’s (Tax on Transfer of Immovable Property) Rules, 2001
S. 4. Assessment and collection of tax.--(1) Where an immovable property is transferred through a registered deed, the tax shall become due as soon as the sale-deed is registered and may be assessed and collected by the Taxation Officer either directly or through the Registrar or Sub-Registrar concerned, if so authorized by the Board of Revenue either by a general or special order.
(2) Where an immovable property is transferred orally and such transfer is followed by a mutation in the Revenue Office, the tax shall become due as soon as the mutation is sanctioned and may be assessed and collected by the Taxation Officer either directly or through the Revenue Officer concerned, if so authorised by the Board of Revenue either by a general or a special order.
(3) Where a transfer is not covered by sub-rule (1) or sub-rule (2), the tax shall become due as soon as the sale takes place and may be assessed and collected by the Taxation Officer at the office of Tehsil/Town Municipal Administration.
Statutes on
Determination of Market Value of Immovable Property
- Stamp Act 1899
- Punjab Pre-Emption Act
- Land Acquisition Act
1. Stamp Act 1899
27-A. Value of Immovable Property.--(1) Where any instrument chargeable with ad valorem duty under [Articles 23, 27-A 31 or 33] of Schedule I, relates to an immovable property, the value of the immovable property shall be calculated according to the valuation table notified by the District Collector in respect of immovable property situated in the locality.
(2) Where an instrument, mentioned in sub-section (1), relates to an immovable property consisting of land and structure, it shall state the value of the land or structure separately and the value of the structure stated in the instrument shall, subject to the provision of this Act, be accepted,
(3) Where the value of immovable property stated in an instrument to which sub-section (1) applies is more than the value fixed according to the valuation table, the value declared in the instrument shall be accepted as value for the purposes of stamp duty
(4) Where the value given in the valuation table notified under sub-section (1), when applied to any immovable property, appears to be excessive, the [Commissioner] or any other person notified by the Government may, on application made to him by the aggrieved person, determine its correct value and for that purpose the provisions of sections 31 and 32 shall apply as nearly as possible
Punjab Pre-emption Act 1991
(1) Where the parties do not agree to the price at which the pre-emptor shall exercise his right of pre-emption, the Court shall determine whether the price at which the sale purports to have taken place was fixed in good faith or paid, and if it finds that the price was not so fixed or paid, it shall fix the market value of the property as the price to be paid by the pre-emptor
(2) If the Court finds that the price was fixed in good faith or paid, it shall fix such price to be paid by the pre-emptor
For the purpose of determining the market value of a property, the Court may consider the following, among other matters, as evidence of such value---
a) the price or value actually received or to be received by the vendor from the vendee;
b) the estimated amount of the average annual net profits of the property;
c) the value of similar property in the neighbourhood;
d) the value of similar property as shown by previous sales made in the near past.
Land Acquisition Act (I of 1894) ---
Ss. 23 & 4 --- Acquisition of land --- Determination of fair compensation Criteria --- Matters to be considered in determining compensation enlisted.
The expression 'market value' has not been defined in the Act.
However
Honourable Supreme Court of Pakistan held in
1999 S C M R 1647 that:-
The following matters are to be taken into consideration in determining the amount of compensation---
(i) The data from which the market value of the land can be estimated is given in Rule 13 of the North-West Frontier Province Circular No.54 issued presumably under section 55 of the Act.
(ii) The best method to work out the market value is the practical method of a prudent man laid down in Article 2, Qanun-e-Shahadat, 1984 to examine and analyse all the material and evidence available on the point and to determine the price which a willing purchaser would pay to willing seller of the acquired land.
(iii) Subsection (1) of section 23 of the Land Acquisition Act provides that in determining the amount of compensation the Court shall take into consideration the market value, loss by reason of severing such land from his other land, acquisition injuriously affecting his other property or his earning in consequence of change of residence or place of business and damage, if any, resulting from diminution of the profits of the land between the time of the publication of the declaration under section 6 and the time of the Collector's taking possession of the land. This, however, is not exhaustive of other injuries or loss which may be suffered by an owner on account- of compulsory acquisition.
(iv) The best method of determination of the market price of the plots of land under the acquisition is to rely on instances of sale of it near about the date of notification under section 4 (i) of the Land Acquisition Act. The next best method is to take into consideration the instances of sale of the adjacent lands made shortly before and after the notification. When the market value is to be determined on the basis of the instances of sale of land in the neighbouring locality, the potential value of the land need not be separately , awarded because such sales cover the potential value.
(v) The law provides determination of compensation not with reference to classification or nature of land but its market value at the relevant time. No doubt, for determining the market value, classification or the nature of land may be taken as relevant consideration but that is not the whole truth. An area may be Banjar Qadeem or Barani but its market value may be tremendously high because of its location, neighbourhood, potentiality or other benefits.
(vi) While determining the value of the compensation the market value of the land at the time of requisition/acquisition and its potentiality have to be kept in consideration.
(vii) Consideration should be had to all the potential uses to which the land can be put, as well as all the advantages, present or future, which the land possesses in the hands of the owners.
(viii) In determining the quantum of fair compensation the main criterion is the price which a buyer would pay to a. seller for the property if they voluntarily entered into the transaction.
(ix) The measure of fair compensation is the value of the property in open market which a seller voluntarily entering into a transaction of sale can reasonably demand from a purchaser this means that Court has to determine the value of the land in the open market at the relevant time on the assumption that the notification of acquisition did not exist.
(x) While determining the value of the land acquired by the Government and the price which a willing purchaser would give to the willing seller, only the 'past sales' should not be taken into account but the value of the land with all its potentialities may also be determined by examining (if necessary as Court-witness) local property dealers or other persons who are likely to know the price that the property in question is likely to fetch in the open market. In appropriate cases there should be no compunction even relying upon the oral testimony with respect to market value of the property intended to be acquired, because even while deciding cases involving question of life and death, the Courts rely on oral testimony alone and do not insist on the production of documentary evidence. The credibility of such witnesses would, however, have to be kept in mind and it would be for the Court in each case to determine the weight to be attached to their testimony. It would be useful and even necessary, to examine such witnesses while determining the market prices of the land in question, because of the prevalent tendency that in order to save money on the purchases of stamp papers and to avoid the imposition of heavy gain tax levied on sale of property, people declare or show a much smaller amount as the price of the land purchased by them than the price actually paid. The 'previous sales' of the land, cannot, therefore, be always taken to be an accurate measure for the determining the price of land intended to be acquired.
(xi) The sale-deed and mutation entries do serve as an aid to the prevailing market value.
(xii) In cases of compulsory acquisition effort has to be made to find out what the market value of the acquired land was or could be on the material date. While so venturing the most important factor to be kept in mind would be the complexion and character of the acquired land on 'the material date. The potentialities it possessed on that date are also to be kept in view in determining a fair compensation to be awarded to the owner who is deprived of his land as a result of compulsory acquisition under the Act.
(xiii) The value of the land of -the adjoining area which was simultaneously acquired and for which different formula of compensation has been adopted, should be taken into consideration.
(xiv) The phrase 'market value of the land' as used in section 23(l), of the Act means 'value to the owner' and, therefore, such value must be the basis for determination of compensation. The standard must be not a subjective standard but an objective one. Ordinarily, the objective standard would be the price that owner willing and not obliged to sell might reasonably expect to obtain from a willing purchaser. The property must be valued not only with reference to its condition at the time of the determination but its potential value must be taken into consideration.
Judgments on value of immovable property under different laws:
Value of the Immovable Property for the purposes of Punjab Urban Immovable Property Tax Act 1958
2004 S C M R 1146
----Ss. 3, 5 & 5-A---Constitution of Pakistan (1973), Art.185(3)--Immovable property tax, assessment of---Annual rental value of property---Determination---Rate of valuation tables prepared by Deputy Commissioners for the purposes of Stamp Act, 1899, and Registration Act, 1908, were adopted by the authorities for valuation of the property for the purposes of property tax---High Court in exercise of Constitutional jurisdiction set aside such mode of valuation---Validity--Instead of making amendments in West Pakistan Immovable Property Tax Act, 1958 itself, S.5-A had only been added in the Finance Act of 1998, wherein it had only provided that the annual value of the property was to be determined on the basis of such valuation tables and for such localities as notified by or under the authority of Government---Even the mechanism provided for S.5-A of West Pakistan Immovable Property Tax Act, 1958, had not been taken into consideration by the authorities in preparing the valuation table---Authorities had wrongly followed the system of gross annual rental value in accordance with the valuation tables prepared by Deputy Commissioners for the purpose of Stamp Act, 1899, and Registration Act, 1908, and the same was not in accordance with S.5-A of West Pakistan Immovable Property Tax Act, 1958--High Court had correctly construed provisions of Ss.3, 5 and 5-A of West Pakistan Immovable Property Tax Act, 1958---All the three Ss.3, 5 & 5-R, when read conjunctively revealed that the criterion adopted for determination of the annual value of the properties was not in accordance with Ss.5 and 5-A of West Pakistan Immovable Property Tax Act, 1958---Leave to appeal was refused.
Valuation for the purpose of Stamp Duty
1996 PLD 663 LAHORE-HIGH-COURT-LAHORE
Valuation of Urban Land for purposes of Stamp Duty has to be made on the basis of Character of property at the time of Registration of Sale Deed and not on its subsequent use.
Valuation for the Purposes of Wealth Tax Act
Citation Name : 1996 PTD 288 INCOME-TAX-APPELLATE-TRIBUNAL-PAKISTAN
---Immovable property --valuation ---Principles---Registered sale-deed---Evidentiary value---Held, registered sale-deed could not be belied---Assessing of ficials could not use arbitrarily the powers and adopt coercive measures for evaluation of property on the rise side each and every year for the purposes of wealth tax for such exercise of power would be against the principles ofnatural justice.
Citation Name : 2013 PTD 2121 LAHORE-HIGH-COURT-LAHORE
Ss. 2(5)(16), 3 & 7---Wealth tax Rules, 1963, R. 8(3)---CBR Circular No.7 of 1994, dated 10-7-1994---CBR Circular No.11 of 1994 dated 17-7-1994---property in for m of building---Determination of value of suchproperty not as a composite unit, but in two parts i.e. its 'constructed part' and ' land part' separately on basis of CBR's Circular No. 7 of 1994, dated 10-7-1994 and Circular No. 11 of 1994, dated 17-7-1994---Validity---Word 'assets' as defined in S. 2(5) of Wealth tax Act, 1963 would include such property , which would be taken as a composite unit for valuation purposes ---Prevalent market value of such property could not be determined on basis of its land and constructed building separately---Value of a building would be determined on basis of its annual rental value, and that of an open plot on basis of its value specified by Collector of District---Circular issued by Central Board of Revenue could not control meanings of an Act or Rules made the reunder---Both such Circulars could not be relied upon for being contrary to provisions ofWealth tax Act, 1963 and R. 8(3) of Wealth tax Rules, 1963---High Court set aside impugned order ofAssessing of ficer in circumstances.
Valuation for the Purpose of Capital Gains Tax Rules 1964
Citation Name : 1999 MLD 3288 KARACHI-HIGH-COURT-SINDH
West Pakistan Capital Gains tax Rules 1964 ----R. 8---valuation of immovable property for purpose ofCapital Gains tax --Guiding principles---First principle enunciated in R. 8 of West Pakistan Capital Gains taxRules, 1964 was that value of consideration of sales or transfer of similarly situated and similarly used urban immovable property could be adopted for assessing the cost---Correct criterion to be followed was that theprice of properties situated in vicinity and used for same purposes could be taken into consideration---Price at which one property could have been sold, would also not be sufficient, for use of plural 'sales' and transfers in such rule was significant and would point out that Statutory Authorities must take into consideration a number of sales and transfers---One of the methods of valuation was by reference factors namely (i) the price paid within a reasonable time for the land; (ii) rates and prof its of land received shortly befor e sale; (iii) price paid for adjacent lands possessing similar advantage; (iv) opinion of valuer/experts.
Formula to Calculate Property Tax under Punjab Urban Immovable Property Tax Act 1958
1. Punjab Urban Immovable Property Tax Act 1958
The rates of Property Tax are defined at two levels In Punjab:
- The rate of notional rent for a locality; and
- The rate of tax on Annual Rental Value of a property.
Urban Immovable Property Tax Act 1958 Pdf Reader Free
The rate of property tax at first level is defined by the locality in which a property is situated. The rate of Property Tax on Annual Rental Value is 10% after December, 2013. Up till December, 2013 the rate of Property Tax on Annual Rental Value is 20%. Formula to calculate Annual Rental Value (ARV)? Calculate: 1- (Land Area of a property in square yards) X (Rentability); 2- (Covered Area of a property in square feet) X (Rentability); 3- Add 1 and 2 to get Monthly Notional Rent; 4- Multiply the Monthly Notional Rent with 12 to get Gross Annual Rental Value (GARV); 5- Deduct 10% from GARV to get Annual Rental Value of ARV.
Notional Rent Value
If a property has notional rent of Rs 2000 per month then its Tax is calculated as under:
Gross Annual Rental Value = Rs 2000 X 12 = Rs 24,000
Annual Rental Value= Gross Annual Rental Value - 10% of Gross Annual Rental Value = Rs 24, 000 - 10% of 24, 000 = Rs 24, 000 - 2400 = Rs 21, 600
Property Tax before January 1, 2014 = 20% of Annual Rental Value
= 20% of Rs 21, 600
Property Tax before January 1, 2014 = Rs 5,400
Property Tax after January 1, 2014 = 10% of Annual Rental Value
= 10% of Rs 21, 600
Property Tax after January 1, 2014 = Rs 2,160
Urban Immovable Property Tax Act 1958 Pdf Reader Form
Fahad Ahmad Siddiqi
Advocate High Court
Lahore
18.01.2014