The Chief Minister of Punjab Pervaiz Elahi has revised the tax duty on stamps. The tax duty of stamps refers to the fixed amount that is to be deposited when the land or property is transferred. Recently, Chief Minister of Punjab Pervaiz Elahi has fixed the stamp duty percentage to 1% only whereas previously it was 3% stamp duty in the urban areas and 2% in rural areas. But with the passing of the new policy by Chief Minister of Punjab Pervaiz Elahi the stamp duty is fixed at 1% only. For instance, if you purchase a property worth 1,00,00,000 (1 crore) then the stamp duty tax to be paid for the transfer will be Rs. 1,00,000 (1 lac) only whereas it varied in the past. Indeed it is a major initiative initiated by the Chief Minister of Punjab Pervaiz Elahi, which will give a boost to the real estate sector as transactions in the sector will increase. The agenda behind the reduction in stamp duty was the increase in the revenue which is the utmost necessity of the contemporary crippling economy of Pakistan as more people will incline towards real estate again. But the reduction in stamp duty alone won’t be good enough because the value of the land itself has risen to peaks
