ISLAMABAD: The capital administration has asked all housing societies to submit details of property transactions/transfers to the deputy commissioner office within a week.

Officials of the capital administration said the housing societies had been told that the details should include each and every transaction along with the supported bank challan through which tax was deposited in the government exchequer. The deadline of a week has been given to the housing societies to submit the details.

In this regard, the deputy commissioner office sent a letter to all thehousing societies. The letter stated that it was observed through a review of recent transactions and interactions with society that housing societies had not been remitting the required stamp duty and government taxes associated with property transactions.

According to the applicable laws and regulations stamp duty must be paid on the execution of sale deeds, lease agreements and other property related documents. This duty is crucial as it validates the legal standing of the documents and ensures they are admissible in a court of law.

Additionally, various other taxes such as property tax and mainte-nance related levies must be appropriately charged and remitted to the government authorities. These obligations are not optional but mandate d by law and failure to comply can have significant legal and financial repercussions for both the society and its members.

Currently, stamp duty is four per cent each for filers and non-filers, registration fee one per cent each, advance tax three per cent for filers and 10 per cent for non-filers, gain tax three per cent for filers and six per cent for non-filers and 7-E tax one per cent each for filers and non-filers. Staff Reporter