Housing societies have been instructed by the district administration of Islamabad to provide information on stamp and other government taxes, such as advance tax, gain tax, and 7 E taxes.
According to media reports, DC Islamabad has sent a letter to all housing societies over the non-recovery of taxes. The necessary government taxes and stamp duty related with real estate sales have not been collected or remitted by housing societies, according to an analysis of recent exchanges and interactions.
When sale deeds, leases, and other property-related documents are executed, stamp day is due in accordance with the relevant rules and regulations. 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 additional taxes, including levies connected to maintenance and property taxes, must be duly collected and submitted to the relevant government agencies.
Failure to comply with these legal requirements can have serious legal and financial ramifications for both the Societies and their members. These obligations are mandatory. It is important to remember that both filers and non-filers now have to pay a 4 percent duty tax levied by the government.
Comparably, the filing fee is one percent for both filers and non-filers, whereas the advance tax is three percent for filers and ten percent for non-filers. In addition, the government levied a gain tax of 3 percent on filers, a 6 percent tax on non-filers, and a 1 percent tax on each 7 E tax.
Accordingly, DC Islamabad instructed you to provide a thorough report detailing all property transactions and transfers made since the founding of societies and their regularization.
