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  "title": "PUNJAB FINANCE ACT 2013",
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  "text": "THE PUNJAB FINANCE ACT 2013  \r\n(XVI of 2013) \r\nCONTENTS \r\n1. Short title, extent and commencement \r\n2. Amendment in Act V of 1958 \r\n3. Amendment in Act X of 1958 \r\n4. Amendment in Act XXXII of 1958 \r\n5. Amendment in Act I of 1972 \r\n6. Amendment in Act I of 1997 \r\n7. Amendment in Act VI of 2010 \r\n8. Amendment in Act XV of 2011 \r\n9. Capital gains tax on immovable property \r\n10. [Omitted] \r\nTEXT \r\n1\r\nTHE PUNJAB FINANCE ACT 2013 \r\n(XVI of 2013) \r\n[29th June, 2013] \r\nAn \r\nAct \r\nto levy, alter and rationalize certain taxes, fees and duties in the Punjab. \r\nPreamble.– Whereas it is expedient to levy, alter and rationalize certain taxes, fees \r\nand duties in the Punjab and regulate the matters connected therewith; \r\nIt is enacted as follows:– \r\n1.  Short title, extent and commencement .– (1) This Act may be c ited as the \r\nPunjab Finance Act 2013. \r\n(2)  It shall extend to the whole of the Punjab. \r\n(3)  It shall come into force on the first day of July 2013 except the \r\nprovisions of clause (a) of section 2 and section 5 which shall come into force on the \r\nfirst day of January 2014, and p rovisions of section 9 shall come into force on such \r\ndate as the Government may, by notification, specify. \r\n2. Amendment in Act V of 1958 .– In the Punjab Urban Immovable Property \r\nTax Act, 1958 (V of 1958)– \r\n2\r\n[(a) * * * * * * * * * * *   ] \r\n(b) in section 4, for clause (i), the following shall be substituted:– \r\n“(i) one residential house, measuring an area not exceeding  five \r\nmarlas, used for residential purpose  except a residential house \r\nwith annual value of more than five thousand rupees situated in \r\na part of a rating area which is category A area.” \r\n3. Amendment in Act X of 1958.– In the Punjab Entertainments Duty Act, 1958 \r\n(X of 1958), for section 3-A, the following shall be substituted:– \r\n“3-A.  Duty on special cla sses of entertainment .– Notwithstanding \r\nanything contained in section 3, the duty on the entertainments mentioned in  \r\ncolumn No. 2 of the following T able shall be charged at the rate mentioned \r\nagainst each entertainment in column No.3:– \r\n \r\n                                                 \r\n1This Act was passed by the Punjab Assembly on 27 th June 2013; assented to by the Governor of the Punjab on 29 th June \r\n2013; and published in the Punjab Gazette (Extraordinary), dated 29th June  2013, pages 3075-3078. \r\n2Omitted by the Punjab Finance Act 2014 (XVII of 2014), w.e.f.1.7.2014, s.7; and published in the Punjab Gazette \r\n(Extraordinary), dated 26.6.2014, pages 4169-4178. \r\nSr. \r\nNo. \r\nEntertainment Rate of duty \r\n1. Admission to \r\nhorse racing \r\nTwo hundred percent of the payment for admission \r\nor two hundred rupees per admission ticket, \r\nwhichever is higher. \r\n2. Circus No duty \r\n3. Fashion show  Twenty percent of the total amount paid to the \r\nowner or management of the premises or total \r\nexpenditure made by organizer or sponsor, \r\nwhichever is higher.   \r\n4. Musical show Twenty percent of the payment for admission in a \r\nmusical show where admission charges are five \r\nhundred rupees per person or more.” \r\n4. Amendment in Act XXXII of 1958 .–  In the Punjab Motor Ve hicles Taxation \r\nAct, 1958 (XXXII of 1958), in section 4, for subsection (2) , the following shall be \r\nsubstituted:– \r\n“(2) A person keeping a motor vehicle shall pay the tax as follows:–  \r\nSr.# Tax period Date of payment \r\n1. For the first quarter of a financial year Before the 31st day of July \r\n2. For the second quarter of a financial \r\nyear \r\nBefore the 31 st day of \r\nOctober \r\n3. For the third quarter of a financial year Before the 31 st day of \r\nJanuary \r\n4. For the fourth quarter of a financial year Before the 30th day of April \r\n5. For the whole of a financial year Before the 1 st day of \r\nOctober \r\n6. For the entire life of the motor vehicle  At the time of registration \r\nof a motor vehicle or before \r\nthe 1 st day of September \r\n2013 \r\n(2a) If a person commences to keep a motor vehicle for use, he shall \r\npay the tax before the expiration of twenty one days from the day when he \r\ncommences to keep the motor vehicle for use.” \r\n5. Amendment in Act I of 1972.– In the Punjab Finance Act, 1972 (I of 1972), \r\nsection 9 shall be omitted. \r\n6.  Amendment in Act I of 1997 .–  In the Punjab Agricultural Income Tax Act \r\n1997 (I of 1997), after section 3A, the following section shall be inserted:– \r\n“3B. Tax on the basis of income tax return .– Notwithstanding the \r\nprovisions of section 3, where any person has declared agricultural income for \r\nany assessment year in the return filed under the Income Tax Ordinance, \r\n2001 (XLIX of 2001) , the person shall pay the tax on such income at the rate \r\nspecified in the Second Schedule.” \r\n7. Amendment in Act VI of 2010 .– In t he Punjab Finance Act 2010 (VI of \r\n2010), in section 6, in subsection (5), for clause (a), the followi ng shall be \r\nsubstituted:  \r\n“(a) Immovable p roperty, other than comme rcial or industrial property,  a \r\nplaza or multi-storeyed building, situated in urban area and the value of \r\nwhich exceeds one million rupees: \r\nNo. Description Rate of Tax \r\n(i) Where the value of the \r\nimmovable property is recorded.  \r\nTwo per cent of the recorded \r\nvalue of the landed area. \r\n(ii) Where the value of the \r\nimmovable property is not \r\nrecorded.  \r\nOne hundred rupees per \r\nsquare feet of the landed area. \r\n(iii) Where the immovable property is \r\na constructed property. \r\nTen rupees per square feet of \r\nthe constructed area in addition \r\nto the value worked out above.”  \r\n8. Amendment in Act XV of 2011 .– In the Punjab Finance Act 2011 (XV of \r\n2011), in section 7, in subsection (2), for clause (c), the following shall be \r\nsubstituted:   \r\n“(c) “club” means an association or organization offering members \r\namenities, services, meals or temporary residence with initi al \r\nmembership fee of two hundred thousand rupees for any category of \r\nmembers and notified as club by the Government but does not include \r\nfitness centre or  gymnasium without provision of ancillary services of \r\neateries, outdoor sports, conferences, ceremonie s, musical concerts or \r\nany other such service;”. \r\n9. Capital gains tax on immovable property .– (1) This section shall have \r\neffect notwithstanding anything contained in any other law.   \r\n(2) For purposes of this section– \r\n(a) “acquisition” means transfer of pr operty through any mode including \r\ngift, bequest, will, succession, inheritance, devolution, dissolution of an \r\nassociation of persons or, winding up or liquidation of a company;  \r\n(b) “Board of Revenue”  means the Board of Revenue established under \r\nthe Punjab Board of Revenue Act, 1957 (XI of 1957); \r\n(c) “Collector” means the Collector of the district appointed under the \r\nPunjab Land Revenue Act, 1967 (XVII of 1967) and includes the \r\nCollector of a subdivision or any other officer specially empowered by \r\nthe Board  of Revenue to exercise and perform the functions of the \r\nCollector; \r\n(d) “Government” means Government of the Punjab;  \r\n(e) “person” includes– \r\n(i) an individual; \r\n(ii) an association of persons; \r\n(iii) a company; \r\n(iv) a body corporate; \r\n(v) a foreign government; \r\n(vi) a political subdivision of a foreign government; and \r\n(vii) a public international organization; \r\n(f) “recorded value” means the value declared by the transfer or in the \r\ninstrument, provided that the declared value of the property shall not be \r\nless than the value specified in the valuation table notified by the Collector \r\nof the district; and \r\n(g) “tax” means capital gains tax on sale of an immovable property and \r\nincludes any penalty, fee and charge or any sum or amount leviable or \r\npayable under this section. \r\n(3)  A gain occurring from the sale of immovable property by a person in a \r\ntax year shall be chargeable to tax in that year at the following rate:– \r\nSr. No. Description Rate  \r\n1. Sale within one year of \r\nacquisition \r\n5% of the capital gain or 2% of \r\nthe recorded value at the time \r\nof sale, whichever is higher \r\n2. Sale between more than one but \r\nwithin two years of acquisition \r\n4% of capital gain \r\n3. Sale between more than two but \r\nwithin three years of acquisition \r\n3% of capital gain \r\n4. Sale between more than three \r\nbut within four years of \r\nacquisition \r\n2% of capital gain \r\n5. Sale between more than four but \r\nwithin five years of acquisition \r\n1% of capital gain \r\n6. Sale after five years of \r\nacquisition \r\nNo tax. \r\n(4) The Collector shall determine the capital gain throu gh calculating \r\ndifference in valuation at the time of acquisition and sale on the basis of valuation \r\ntable notified by the Collector of the district under section 27 -A of the Stamp Act, \r\n1899 (II of 1899) or the recorded value in the transfer deed, whichever is higher. \r\n(5) The Collector shall assess and collect  the tax, and for this purpose, \r\nmay exercise any power of the Collector under section 6 of the Punjab Finance Act \r\n2010 (VI of 2010). \r\n(6) For purposes of appeal, review or revision, an order passed unde r this \r\nsection shall be deemed to be an order of a Revenue Officer within the meanings of \r\nsections 161, 162, 163 and 164 of the Punjab Land Revenue Act 1967  (XVII of \r\n1967). \r\n(7) Where the tax has been recovered from a person not liable to pay the \r\nsame or in excess of the amount actually payable, an application may, in writing, be \r\nmade to the Collector for the refund of the tax or the excess amount  within one year \r\nof the payment of the tax. \r\n(8) The Board of Revenue may, by notification in the official Gazette, make \r\nprovisions relating to the collection and recovery of the tax or for ancillary matters. \r\n(9) The Government may, by notification in the official Gazette, exempt a \r\nclass of immovable property or a class of persons from the levy or recovery of the \r\ntax subject to such conditions as may be specified in the notification. \r\n3\r\n[10.  Luxury tax on houses.–* * * * * * * * *   ] \r\n \r\n                                                 \r\n3Omitted by the Punjab Finance Act 2014 (XVII of 2014), w.e.f.1.7.2014, s.7; and published in the Punjab Gazette \r\n(Extraordinary), dated 26.6.2014, pages 4169-4178.",
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