CAPITAL VALUE TAX RULES, 2010

[Gazette of Punjab, Part I,
8th September, 2010]

No.105-2010/207-RC(III), dated 1-7-2010.---In exercise of the powers conferred under subsection (16) of section 6 of the Punjab Finance Act, 2010 (VI of 2010), the Board of Revenue has made the following rules for the collection and recovery of Capital Value Tax and ancillary matters:

  1. Short title and commencement. ---(1) These rules may be cited as the Capital Value Tax Rules, 2010.

(2) They shall come into force at once.

  1. Definitions .---(1) In these rules:

(a) Act means the Punjab Finance Act 2010 (VI of 2010);

(b) development authority means an authority formed under any law for the purposes of development of an area and includes any authority, society, agency, trust, association or institution declared as such by the Board of Revenue by a notification in the official Gazette;

(c) registering or attesting the transfer of a immovable property includes the first registration or attestation of the transfer of immovable property;

(d) Schedule means the Schedule appended to the rules; and

(e) taxpayer means any person liable to pay the tax and includes the registration authority as defined in the subsection (2) of the section 6 of the Act.

(2) The words and expressions used in these rules but not defined shall have the same meaning as in the Act or the Punjab Land Revenue Act, 1967 (XVII of 1967).

  1. Application for registration on acquisition of an immovable property. ---(1) A person who purchase or acquires an immovable property or a right to use such property for more than twenty years as mentioned in subsection (3) of section 6 of the Act, shall fill the Form CVT-I as prescribed in the Schedule in quadruplicate along with relevant documents and verification and submit the same to the registration authority.

(2) The registration authority shall assess the tax payable on the transaction and fill its part of the Form CVT-I.

(3) The tax shall be credited to the Provincial Consolidated Fund under the Head specified by the Government.

(4) The taxpayer shall deposit the tax through the prescribed Tax Payment Receipt (Challan Form No.32-A) as prescribed in the Schedule in the Government Treasury or in the authorized branch of the State Bank of Pakistan or the National Bank of Pakistan and submit a copy in duplicate of the Tax Payment Receipt (Challan Form No.32-A) to the registration authority.

(5) The registration authority shall, before registering or attesting the transfer of immovable property, ensure that the tax payable on the transfer of immovable property has been collected.

(6) In case, the registration authority defaults in collection of tax to the credit of the Government it shall within one week from the date of such default, deposit the tax into the Government Treasury or in the authorized branch of the State Bank of Pakistan or the National Bank of Pakistan.

  1. Collection of tax from defaulter. ---(1) Where for any reason, the tax is not collected under rule 3, the Collector of the district, having territorial jurisdiction over the immovable property, may declare the registration authority or the transferee, as the taxpayer in default and proceeding to collect the tax as an officer designated by the Board of Revenue under subsection (6) of section 6 of the Act.

(2) Where the tax is to be recovered from a taxpayer in default, it shall be so recovered as if it were the tax due in consequence of an order passed under the Punjab Land Revenue Act, 1967 (XVII of 1967) and its provisions shall apply to the collection of the tax as they apply to the recovery of arrears of land revenue.

  1. Recovery of tax from persons holding money on behalf of a tax payer. ---(1) The collector may, by notice in writing require any person to pay the amount of tax due from a taxpayer who is:

(a) owing or who may owe money to the taxpayer;

(b) holding or who may hold money for, or on account of the taxpayer;

(c) holding or who may hold money on account of some other person to pay money to the tax payer; and

(d) having authority of some other person to pay money to the taxpayer.

(2) Subject to sub-rule (3), the amount of money set out in a notice under sub-rule (1);

(a) where the amount of money is equal to or less than the amount of tax, it shall not exceed the amount of tax due by the taxpayer; or

(b) where the amount of money exceeds than the amount of tax, it shall be as much as sufficient to pay the amount of tax due by the taxpayer.

(3) The date of payment of tax specified in the notice under sub-rule (1) shall not be a date before the money becomes payable to the taxpayer or held on the taxpayer s behalf.

(4) Any person who has paid any amount of tax in compliance with a notice under sub-rule (1) it shall be treated as having paid such amount under the authority of the taxpayer and the receipt of the collector constitutes a good and sufficient discharge of the liability of such person to the tax payer to the extent of the amount referred to in such receipt.

  1. Refund of tax. ---(1) Where the tax has been recovered from any person not liable to pay the same or in excess of the amount actually payable, an application in writing may be made to the Collector for the refund of tax or the amount recovered in excess.

(2) The Collector may, call for such particulars, documents or evidence as he may deem appropriate for verification of the claim of the applicant for refund of tax.

(3) Where the Collector is satisfied that the applicant was not liable to pay the tax or the tax has been recovered in excess of the amount actually payable, he shall by an order in writing, refund the tax, or the amount recovered in excess, as the case may be, to the applicant.

(4) Any refund made under this rule shall not absolve the applicant to pay the tax if, at any time, it is found that he was liable to pay the tax or the amount refunded to him should have not been refunded.

  1. Statement regarding transfer of immovable property .---(1) The registration authority shall file the monthly statement as prescribed in the Schedule before the Collector of the district in respect of registration or attestation of transfer of immovable property on which the tax had been paid and the statement shall also indicate the registration or attestation of transfer of an immovable property on which the tax was payable but was not paid.

(2) The statement referred to in sub-rule (1), shall be furnished on or before 10th of each month regarding an immovable property registered or attested during the preceding month and shall also submit copies of Tax Payment Receipts and Forms CVT-I.


++SCHEDULE++

FORM CVT - I
(see rule 3)

++APPLICATION FORM FOR THE TRANSFER OF IMMOVABLE PROPERTY++

PARTICULARS OF TRANSFEROR (To be filled in by the Transferor)

(a) Name____________________________________________________

(b) Address__________________________________________________

VERIFICATION

I/We do hereby solemnly declare that the particulars given in this application are correct and complete to the best of my knowledge and belief and nothing has been concealed.

Place______________ _______________________

Date______________ (Signature of the Transferor/

Authorized Representative)

C.N.I.C./Reg.No./Inc. No.____________

(Please attach Photocopy)

PARTICULARS OF TRANSFEREE (to be filled in by the Transferee).

(a) Name.____________________________________

(b) Address.__________________________________

I/We solemnly declare that the particulars in this application are correct and complete to the best of my knowledge and belief and that nothing has been concealed.

Place______________ __________________________

Date_______________ (Signature of the transferee/

CNIC/Reg.No./Inc.No.________

TO BE FILLED IN BY THE REGISTRATION AUTHORITY IN ACCORDANCE WITH THE FOLLOWING SCHEDULE.

(a) residential immovable property, (other than flats), situated in any urban area, measuring at least two hundred and fifty square yards or ten marlas (whichever is less) and more:

|-------|------------------------------------------------------------|-----------------------------------------------------------------------------------------------|-----------| | | Description of immovable property | Rate of tax | | | (i) | Where the value of the immovable property is recorded. | Two per cent of the recorded value of the landed area. | Whichever | | (ii) | Where the value of the immovable property is not recorded. | One hundred rupees per square feet of the landed area. | is higher | | (iii) | Where the immovable property is a constructed property. | Ten rupees per square feet of the constructed area in addition to the value worked out above. | |

(b) commercial immovable property of any size situate in an urban area;

|-------|------------------------------------------------------------|-----------------------------------------------------------------------------------------------|---------------------| | (i) | Where the value of the immovable property is recorded. | Two per cent of the recorded value of the landed area. | Whichever is higher | | (ii) | Where the value of the immovable property is not recorded. | One hundred rupees per square feet of the landed area. | | | (iii) | Where the immovable property is a constructed property. | Ten rupees per square feet of the constructed area in addition to the value worked out above. | |

(c) residential flats of any size situate in an urban area:

|------|------------------------------------------------------------|-----------------------------------------------------------------------------------|-----------| | (i) | Where the value of the immovable property is recorded. | Two per cent of the recorded value of the immovable property. | Whichever | | (ii) | Where the value of the immovable property is not recorded. | One hundred rupees per square feet of the covered area of the immovable property. | is higher |

PARTICULARS OF IMMOVABLE PROPERTY.

(a) Identification and Location of immovable property___________

(b) Nature of the immovable property (residential/

commercial/residential flats)______________________________

(c) Area of the immovable property____________________________

(d) Value as determined for the purposes of Stamp Duty Rs._______

(e) Value as declared by transferee, where Stamp Duty is not chargeable. Rs.____________

TAX DETAILS

Date of Sale____________ Value (in Rupees)______________

Tax Rate_______________ Amount of Tax (in Rupees)______

Transfer registered/attested at Sr.No.of Register No. of the________________________________________

Financial year_______ Date of transfer ________________

Registration No._____________

Official seal Name and signature of the

of the Registration Authority Registration Authority.

STATEMENT REGARDING TRANSFER OF IMMOVABLE
PROPERTIES FOR THE MONTH OF_______ 2010
(see rule 7)

|---------|----------------------------------------------|----------------------------------------------|-------------------------------------------------------------|------------------|---------------------------------------------------------------------------------------|---------------| | Sr. No. | Name, Address and CNIC No. of the Transferor | Name, Address and CNIC No. of the Transferee | Full particulars, nature and location of immovable property | Date of Transfer | Value of the immovable Property assessed under subsection (4) of section 6 of the Act | Amount of Tax | | (1) | (2) | (3) | (4) | (5) | (6) | (7) | | | | | | | | |

Name and Designation ___________________________

of Registration Authority-------- Signature of Registration Authority

Address______________________ Date_______________________


++(PROVINCIAL)++ CHALLAN FORM No.32-A

Challan of cash paid into A/C No.1 (Non-Food (sic))

|------------------|-----------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------| | To be filled in by the Remitter |||| | By whom tendered | Name, designation and address of person on whose behalf money is paid | Full particular of the remittance and the authority (if any) | AMOUNT | | MR.(ABC) | MR.(ABC) for Mr. (ABC) (if applicable) | Capital Value Tax on transfer of Immovable Property (CVT) at 2% amount to Rs.........../-, situated at Street No......... Block No........ Colony.........Tehsil/District. | Rs...... |

State Bank/National Bank of Pakistan______Branch

|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------| | To be filled in by the Departmental Officer or the Treasury Officer/DAO || | To be filled in by Departmental Officer or the Treasury Officer || | Head of Account | Order to the Bank | | Provincial B-Tax Revenue B01-Direct Taxes B017-Capital Value Tax on Immovable Property B 01701 - Urban B 01702 - Rural B 01703 - Capital Value Tax on Immovable Assets-Urban (Residential) B 01704 - Capital Value Tax on Immovable Assets-Urban (Commercial) B 01705 - CVT on Immovable Assets-Urban (Others) (The applicable object may be written) | Date......................... Correct. Receive and grant receipt. Signature and full designation of the Officer ordering the money to be paid in. |

Signature. To be used only in the case of remittances to Bank through Officer of the Government.

Rs._____________ only) Received payment Treasury

Officer/Agent/Manager.

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