| Lahore: The Excise and Taxation (E&T) Officer in Lahore’s Model Town Extension has issued notices to property owners regarding the assessment of Luxury House Tax, according to news published on April 14. This particular tax applies to owners of houses measuring 2 kanals or more and has been in place since July 2014 under the Punjab Finance Act.
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As per the details, owners of 2 kanal and bigger houses in Model Town Extension been asked to provide details furnishing the enclosed form (LT-I See Rule 3(1)) within seven days of receiving the tax notice. The required details include particulars of the property and its ownership, which will be used to assess the Luxury House Tax amount to be levied.
Additionally, the news report states that it is important for the property owners to adhere to the guidelines in the notices issued to them and submit the details within the given timeline. In case of non-compliance, there could be an ex-parte assessment, which will be levied without any consideration for the owner’s input.
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Via this notice, the E&T iterated that this assessment is crucial for collecting the funds needed for public welfare and development projects. |
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