Punjab govt increases stamp duty massively after Budget 2024-25 approval

LAHORE: The Punjab government has increased the court fee and stamp duty after the approval of the Finance Bill 2024-25 on Thursday.

As per the details, stamp duty for affidavits, mutual agreements, powers of attorney, divorce papers, and tenancy agreements saw a massive increase as the government tried to generate Rs 4.2 billion a year.

After approval of these charges, the rate of affidavit has been increased from Rs.100 to Rs.300, stamp duty for the sale of immovable property has been increased from Rs. 1,200 to Rs 3,000, and contracts worth half a million will now cost Rs. 3,000, and the fee for divorce papers has been increased from Rs 100 to Rs 1,000.

Additionally, the government also amended the Court Fees Act, 1870, increasing the court fee from Rs.1 to Rs. 100 and Rs.2 to Rs.500.

Additionally, the Finance Bill amended the Stamp Act 1899 to raise stamp duty from Rs. Property tax from Rs 100 to Rs 300 and from Rs 1,200 to Rs 3,000 will now be calculated based on capital value instead of rental value, and penalties have been introduced for tax evasion or underpayment.

Punjab New Stamp Duty 2024