Punjab Government Raises Stamp Duty After 2024-25 Budget Approval

Web Desk

27th Jun, 2024. 07:45 pm
Share

Punjab Government Raises Stamp Duty After 2024-25 Budget Approval

The Punjab government raised court fees and stamp duties following the approval of the Finance Bill 2024-25.

Stamp duties for affidavits, mutual agreements, powers of attorney, divorce papers, and rental agreements have seen significant increases as the government aims to generate Rs4.2 billion annually.

With these new charges, the rate for affidavits has increased from Rs100 to Rs300, the stamp duty for the sale of immovable property has risen from Rs1,200 to Rs3,000, contracts worth half a million now cost Rs3,000, and the fee for divorce papers has jumped from Rs100 to Rs1,000.

Punjab New Stamp Duty 2024

Category	New Rate
Affidavits	Rs. 300
Stamp Duty for Sale of Immovable Property	Rs. 3,000
Contracts Worth Rs. 5 Lac	Rs. 3,000
Divorce Papers	Rs. 1,000

Additionally, the government amended the Court Fee Act 1870, increasing court fees from Rs1 to Rs100 and from Rs2 to Rs500.

The Finance Bill also amended the Stamp Act 1899, raising stamp duties from Rs100 to Rs300 and from Rs1,200 to Rs3,000. Property taxes will now be based on capital value rather than rental value, and new fines for tax evasion or underpayment have been introduced.