Punjab govt to impose tax on vacant lands
In order to earn additional revenue of about Rs 1000 crores, Punjab Cabinet has decided to impose property tax on vacant lands among various other measures.
Along with built up buildings, vacant plots and semi-built up units have also been brought under the purview of the proposed tax.
All vacant plots would attract 25 per cent of property tax calculated at one per cent of total Annual Value of the property. This would be deduced by the annual unit value multiplied by size of the plot.
Properties built up on area of more than 25 per cent of plot size would fall in the category of fully built up properties. Properties which are partially built and which have been built up on less than 25 per cent of plot area would be taxed at one per cent of annual property value of the built up area plus 25 per cent of property tax.
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