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  "title": "PUNJAB FINANCE ACT 2008",
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  "source_url": "https://punjabcode.punjab.gov.pk/en/show_article/U2ZSZldgUWM-",
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  "text": "THE PUNJAB FINANCE ACT 2008 \r\n(I of 2008) \r\nCONTENTS \r\n1. Short title, extent and commencement \r\n2. Government \r\n3. Amendment in Act II of 1899 \r\n4. Amendment in Act X of 1958 \r\n5. Amendment in the Ordinance II of 2000 \r\n6. Omitted \r\nSCHEDULE \r\n[Omitted] \r\n \r\n \r\nTEXT \r\n1\r\nTHE PUNJAB FINANCE ACT 2008 \r\n(I of 2008) \r\n[27th June, 2008] \r\nAn \r\nAct \r\nto levy tax and alter the rates of tax and duties in the Punjab. \r\nPreamble.– Whereas it is expedient to levy tax and alter the rates of tax and duties in \r\nthe Punjab and connected matters. \r\n It is hereby enacted as follows:– \r\n1. Short title, extent and commencement .– (1) This Act may be cited as the \r\nPunjab Finance Act 2008. \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 2008. \r\n2. Government.– In this Act, Government means the Government of the Punjab. \r\n3. Amendment in Act II of 1899 .– In the Stamp Act, 1899 (II of 1899), in the \r\nSchedule I, the following amendments shall be made:– \r\n(1) after Article 27, the following Article 27-A shall be inserted: \r\n“27-A. DECREE, RULE OF A COURT \r\nOR AN ORDER OF A COURT based on \r\nmutual cons ent of parties  in cases \r\ninvolving transfer of an immovable \r\nproperty including sale, exchange, gift or \r\nmortgage, declaring or conferring a right \r\nin or title to an immovable property. \r\nTwo percent of the value of \r\nthe property.”; \r\nEXPLANATION.– Value, in this Article, means value of the property in accordance with \r\nthe valuation table as notified by the Collector or where valuation table is not available, \r\nthe average sale price of a property of similar nature in the same revenue estate or \r\nlocality in the preceding year as may be determined by the Collector.  \r\n(2) after Article 63, the following Article 63-A shall be inserted: \r\n“63-A. TRANSFER OF RIGHT OR INTEREST \r\nRELATING TO AN IMMOVABLE PROPERTY, \r\nthat is to say , transfer of a right or interest \r\nrelating to an immov able property or an \r\nacknowledgement of such transfer, by a \r\ndevelopment authority, housing authority, \r\nstatutory body, cooperative housing society, \r\ncompany or a developer and every instrument by \r\nwhich a right or interest relating to an immovable \r\nproperty is being transferred, registered, \r\nrecorded or acknowledged by the authority, body, \r\nsociety, company or developer. \r\n \r\nTwo percent of the \r\nvalue of the \r\nproperty.” \r\n \r\nEXPLANATION.– Transfer of the right or interest \r\nunder this Article includes transfer of such a righ t \r\nor interest from one person to another person. \r\n \r\n                                                           \r\n1This Act was passed by the Punjab Assembly on 26 June 2008; assented to by the Governor of the Punjab on 27 June 2008; and, \r\nwas published in the Punjab Gazette (Extraordinary), dated 27 June 2008, pages 4033-4035. \r\n4. Amendment in Act X of 1958 .– In the Punjab Entertainments Duty Act, 1958 (X \r\nof 1958), in section 3 -A, at serial No.2, in column No.3, under the heading “ Rate of \r\nduty” the words, “fifty percent of the pa yment for admission” shall be substituted by the \r\nwords “two hundred percent of the payment for admission or two hundred rupees per \r\nadmission ticket, whichever is higher”. \r\n5. Amendment in the Ordinance II of 2000 .– In the Punjab Sales Tax Ordinance, \r\n2000 (II of 2000), in section 3, in sub section (1), the words “fifteen percent” shall be \r\nsubstituted by the words “sixteen percent”. \r\n2\r\n[6. Tax on imported luxury motor cars.– * * * * * * *      *] \r\n3\r\n[SCHEDULE] \r\n[see section 6(2)] \r\n                                                           \r\n2Omitted by the Punjab Finance Act 2010 (VI of 2010) , w.e.f.1.7.2010, s.7; a nd published in the Punjab Gazette (Extraordinary), \r\ndated 28.6.2010, pages 3145-3150. \r\n3Omitted by the Punjab Finance Act 2010 (VI of 2010) , w.e.f.1.7.2010, s.7; and published in the Punjab Gazette (Extraordinary), \r\ndated 28.6.2010, pages 3145-3150.",
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