DC Islamabad tells Housing Societies to pay Stamp Duty and other taxes within seven days

ISLAMABAD: The capital administration has asked all housing societies to submit details of property transactions/transfers to the deputy commissioner’s office within a week.

Housing societies have been informed, according to capital administration officials, that all transaction information must be included, along with the supporting bank challan that was used to pay taxes into the government coffers.

The housing societies have been given a week to provide the information.

The housing societies received a letter from the deputy commissioner’s office on this.

The letter claimed that housing societies had been failing to submit the necessary government taxes and stamp duty related to real estate transactions, as seen by an examination of recent transactions and interactions with society.

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Stamp duty is payable in accordance with the rules and regulations that are relevant when sale deeds, leasing agreements, and other property-related papers are executed.

This responsibility is essential because it guarantees the papers’ admissibility in a court of law and certifies their legal status.

In addition, a number of other fees, including property taxes and levies connected to upkeep, need to be correctly collected and submitted to the relevant government agencies.

These are legally required duties that cannot be waived, and breaking them can have serious financial and legal ramifications for the community as a whole.

Currently, stamp duty is four percent each for filers and non-filers, registration fee one percent each, advance tax three percent for filers and 10 percent for non-filers, gain tax three percent for filers and six percent for non-filers and 7-E tax one percent each for filers and non-filers.

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