I am sharing the Revision of Income Tax and Stamp Duty Rates 2022 for immovable property. The details are as under:
Revision of Income Tax and Stamp Duty Rates 2022
- After approval of Finance Act 2022/23, wef 1 Jul 2022, advance tax rates for tfr of immovable property (Sec 236C & 236K) have been revised. Details of new taxes are as follows:-
| Description | 236 C (Adv Tax on the seller) (on FBR Rates) | 236 C (Adv Tax on Buyer (on FBR Rates) | Stamp Duty (on DC Rates) |
| Old Rates | Active Tax Payer 1%
Non-Active Tax Payer 2% Holding Period 4 years |
Active Tax Payer 1%
Non-Active Tax Payer 2%
|
1% |
| New Rates | Active Tax Payer 2%
Non-Active Tax Payer 5% Holding Period Unlimited |
Active Tax Payer 2%
Non-Active Tax Payer 5% |
2% |
- It is highlighted that new rates will be implemented wef Jul 2022. Furthermore, all tfr will be carried out with new rates wef 1 Jul 2022.
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