Military Lands and Cantonments – ML& C Department has issued notification regarding the new tax policies collection from residential properties in the Cantt area throughout the country.
According to the details, the house tax share in Cantt Board’s tax collection is 35%, and it was discovered that 15% of tax on annual rental value was not collected from the self-occupied properties. The critics said that now the self-occupiers will be treated as a tenant, and the tax will be collected accordingly.
According to the new policy for tax collection 15% rebate on the annual value of the house will be applicable depending on the construction period of the house. The details of the tax rebate are:
· 15% on houses constructed in last 5 years
· 5% on houses constructed during the previous 10 years
· 7.5% of houses have been built in the last 10 to 20 years
· 10% of houses have been built in the previous 20 to 30 years
It is pertinent to note here that no exemption will be given to the apartments constructed over 50 years, and residential properties built for more than 30 years will pay a rebate depending on the house’s value.
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