Big relief for property owners as stamp duty reduced

LAHORE: The Punjab government has decided to provide a major relief to property owners.

Under this decision, the stamp duty rate has been significantly reduced. According to the new proposal, the duty has been reduced from 3 percent to just 1 percent.

A meeting of the Punjab Assembly Standing Committee on Revenue was held in this regard. The meeting was chaired by Muhammad Ahmed Khan Leghari. The meeting considered and approved the important points related to the Stamp Ordinance.

After the new decision, the stamp duty rate will be the same in urban and rural areas. Earlier, 1 percent duty was charged in urban areas and 3 percent in rural areas. Due to this difference, people were facing many problems. Now, it is hoped that this difference will be eliminated.

The government has also proposed further amendments to the law. These amendments have also talked about including “transferable agreement”. This will help make the process of buying and selling property clearer and easier.

According to sources, the Governor of Punjab has already approved this amendment ordinance on April 10. Now after the report of the standing committee, it will be presented in the Punjab Assembly for final approval.