Punjab Government Exempts Residential Properties Worth Up to 5 Million from Tax

PAKISTAN: The Punjab Government has taken a significant step by granting exemption to homeowners on Residential Properties worth 5 million rupees from tax. The purpose is to ease the finances of the middle class, expecting to benefit thousands of people across the country.

The exemption, effective immediately, is considered a positive notion to stimulate the economy and provide relief to the middle class. Applicable from July 1st, the policy will apply to both new purchases and existing properties.

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Moreover, Residential Properties owners must provide documented proof to assess the property’s market value to benefit from the exemption policy. The government will consider the outcomes of the exemption policy and then might come up with a similar relief plan for bigger properties too. Let’s have our fingers crossed for better outcomes of the proposed tax reforms in the long run.

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