urban immovable property tax act 1958 pdf editor

However, if a property is received by payment of less than the fair market value, the difference between the market value and the price paid is taxed under the head 'income from other sources.' But the property's fair market value must be more than Rs 50,000. Suresh Surana, founder, RSM Astute Consulting Group, says, 'If a movable property is received without consideration, tax is levied on its fair market value if it exceeds Rs 50,000. Request PDF Taxing Immovable Property Revenue Potential and Implementation Challenges The tax on immovable property has been characterized as probably the most unpopular among tax instruments. property tax under section 4 of the Sindh Urban Immovable Property Tax Act, 1958.

If any movable property other than the above mentioned ones are gifted, no tax is payable. However, if the property is transferred for a consideration and the stamp duty value exceeds the consideration by more than Rs 50,000, the difference is treated as income in the hands of the recipient.' Movable property: Movable property includes securities, jewellery, archaeological collection, bullion as well as a work of art.

'If the stamp duty value of the property exceeds Rs 50,000, such stamp duty shall be treated as income in the hands of the recipient.

Urban immovable property tax act 1958 pdf editor