5 Marla residential properties in posh areas have been served with the luxury property tax. 5 Marla houses in posh areas are no longer exempt from tax .The 2013-2014 budget is claimed to be a poor man’s budget as more taxes will be imposed on the rich so that the poor can benefit from it. All the residents and owners having 5 Marla houses in category A posh areas in Multan, Rawalpindi and Lahore will be effected by this and will pay the due tax.
To curb corruption in real estate sector, capital gain tax was imposed by the revenue authority. The authority in the first year was able to extract taxes worth Rs 36 billion while at the end of the fiscal year the total tax generation was 37 billion. The luxury property tax was at first only imposed on 2 Kanal houses but now it’s imposed on 5 Marla houses in posh areas.
