Islamabad June 10 2022: In order to discourage non-productive assets government has imposed rental income tax on immovable property in budget of Fiscal year 2022-23.
All those individuals have immovable properties whose value is more than Rs 25 million. Government will consider rental of 5% on these immovable assets, therefore government has imposed tax equivalent to 1% of fair market value.
However, residential property is exempted from this tax.
Capital gain tax on property is imposed at 15% which will be reduced by 2% each year to zero percent in for holding period of six years.
Advance tax on sale and purchase of property has been increased to 2% and for non-filer this rate is increased to 5%.
