Taxation

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Luxury Tax on Houses

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The Punjab Excise and Taxation Department has started issuance of notices to the owners of the big houses for payment of luxury tax on houses for the FY 2013-14, official sources told Business Recorder on Tuesday. In the Finance Bill 2013-14, the Punjab government has levied a luxury tax on residential houses located in a part of rating area of Punjab Urban Immoveable Property Tax Act 1958 at the following rates.
 
(a) Residential house measuring two kanals & above but less than four kanals: Rs 0.5 million
 
(b) Residential house measuring four kanals & above but less than eight kanals Rs 1 million
 
(c) Residential house measuring eight kanals and above Rs 1.5 million.
 
The provincial government has clarified as under:
 
(1) In case of an existing house, the luxury tax shall be paid within a year commencing from the first day of July, 2013 in four equal instalments before the expiry of each of the four quarter of the year.
 
(2) Where an instalments of the luxury tax is not paid within the prescribed time, surcharge equal to two percent of the outstanding tax per month shall be paid and where surcharge is paid during a month, the surcharge shall be prorated on daily basis for the days of the last month in default.
 
(3) The tax levied under subsection (a) shall be paid on one time basis provided that where a taxable house is constructed after the commencement of this Act, the luxury tax shall be likewise paid on one time basis within one year of the completion of construction of such house.
 
(4) A residential house, measuring not exceeding four kanals owned by a widow and in which she is residing, shall be exempt from the payment of the luxury tax levied under subsection (a) Provided that where a widow owns more than one houses
 
(5) Where the luxury tax has not been levied on a house owned by a widow, the whole amount of tax shall be payable on such house by her legal heirs or any other transferee not being a widow within one year of her demise or transfer.
 
(6) In case of house liable to luxury tax under subsection (a) is registered in the name of a minor, the liability to pay the luxury tax shall be on the parents or the guardian of the minor.
 
(7) No tax shall be levied, charged or paid in case of a house which is sold or transferred after the payment of the luxury tax once due thereon.

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posted @ 4:18 PM,

17 Comments:

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At August 25, 2013 at 2:37 PM, Blogger WhatHouse.co.uk said...

They need to start taxing the ultra mega rich in the UK as well as creating a housing bubble in London

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