WEB DESK: In the federal budget, a Federal Excise Duty (FED) of 3% has been imposed for filers and 5% for non-filers on property allocation and transfer.
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In addition, residential properties ranging from one to two thousand square yards will incur a tax of 1 million rupees, and properties larger than two thousand square yards will face a tax of 1.5 million rupees, as approved by the National Assembly yesterday.
Additionally, advance tax on the sale and transfer of immovable property has been abolished for strong and retired federal and provincial employees, armed forces, and war wounded.
