PUNJAB FINANCE ACT, 2008
(Act I of 2008)
Short title, extent and commencement.
Amendment in Act II of 1899.
Amendment in Act X of 1958.
Amendment in the Ordinance II of 2000.
PUNJAB FINANCE ACT 2008
(Act I of
[27 June 2008]
An Act to levy tax
and alter the rates of tax and duties in the Punjab.
Whereas it is expedient to levy tax and alter the rates of tax and duties in
and connected matters.
It is hereby enacted
1. Short title, extent
and commencement.– (1) This Act may be cited
as the Punjab Finance Act 2008.
(2) It shall extend
to the whole of the Punjab.
(3) It shall come
into force on the first day of July 2008.
In this Act, Government means the Government of the
3. Amendment in Act II
of 1899.– In the Stamp Act, 1899 (II of 1899),
in the Schedule I, the following amendments shall be made:-
(1) after Article
27, the following Article 27-A shall be inserted:
“27-A. DECREE, RULE
OF A COURT OR AN ORDER OF
based on mutual consent
of parties in cases involving transfer of an immovable
property including sale, exchange, gift or mortgage, declaring or
conferring a right in or title to an immovable property.
Two percent of the value of the property.”;
Value, in this Article, means value of the property in accordance
with the valuation table as notified by the Collector or where
valuation table is not available, the average sale price of a
property of similar nature in the same revenue estate or locality in
the preceding year as may be determined by the Collector.
(2) after Article 63,
the following Article 63-A shall be inserted:
“63-A. TRANSFER OF
RIGHT OR INTEREST RELATING TO AN IMMOVABLE PROPERTY,
that is to say,
transfer of a right or interest relating to an immovable property or
an acknowledgement of such transfer, by a development authority,
housing authority, statutory body, cooperative housing society,
company or a developer and every instrument by which a right or
interest relating to an immovable property is being transferred,
registered, recorded or acknowledged by the authority, body,
society, company or developer.
Two percent of the value of the property.”
Transfer of the right or interest under this Article includes
transfer of such a right or interest from one person to another
4. Amendment in Act X
of 1958.– In the Punjab Entertainments
Duty Act, 1958 (X of 1958), in section 3-A, at serial No.2, in column No.3,
under the heading “Rate of duty” the words, “fifty percent of the
payment for admission” shall be substituted by the words “two hundred
percent of the payment for admission or two hundred rupees per admission
ticket, whichever is higher”.
5. Amendment in the
Ordinance II of 2000.– In the Punjab Sales Tax
Ordinance, 2000 (II of 2000), in section 3, in sub section (1), the words
“fifteen percent” shall be substituted by the words “sixteen percent”.
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