Latest Capital Gains Tax and Advance Tax on Immovable Property For FY 2024-25

The Government of Pakistan has announced new tax rates for immovable property in the latest budget for the fiscal year 2024-25. These changes will affect the Capital Gains Tax and the Advance Tax on the sale of immovable property.

Capital Gain Tax on Immovable Property (For Filers)

These are the rates for the previous year:

Current Rates (FY 2023-24)

Holding Period	Open Plots	Constructed Property
Up to 1 year	15%	15%
1 to 2 years	12.5%	10%
2 to 3 years	10%	7.5%
3 to 4 years	7.5%	5%
4 to 5 years	5%	0%
5 to 6 years	2.5%	0%
Over 6 years	0%	0%

New Rates (FY 2024-25)

Holding Period	All Properties
Up to 1 year	Flat 15%
1 to 2 years	Flat 15%
2 to 3 years	Flat 15%
3 to 4 years	Flat 15%
4 to 5 years	Flat 15%
5 to 6 years	Flat 15%
Over 6 years	Flat 15%

Note: Non-filers will be taxed at normal rates with a minimum of 15% and a maximum of 45%.

Advance Tax on Sale of Immovable Property

Similarly, these are the current and new rates for advance tax on sale of immovable property:

Current Rate (FY 2023-24)

Property Value	Rate (Filers)	Rate (Non-Filers)
Up to Rs. 50 million	3%	6%
Rs. 50-100 million	3%	6%
Above Rs. 100 million	4%	6%

New Rate (FY 2024-25)

Property Value	Rate (Filers)	Rate (Late Filers)	Rate (Non-Filers)
Up to Rs. 50 million	3%	6%	10%
Rs. 50-100 million	3.5%	7%	10%
Above Rs. 100 million	4%	8%	10%

The new rates aim to standardize the tax structure for all types of properties and holdings. These changes are expected to increase the revenue from property taxes and ensure fair taxation across different property values and durations.

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