LAHORE: The senior member board of revenue (SMBR), Punjab, Zahid Akhtar Zaman, presided over a meeting and ordered an audit of the private housing schemes across the province.
The SMBR stated that all private housing societies must be audited and that any private housing society that refuses to complete the audit would face severe legal repercussions.
A briefing on CVT and Stamp Duty was provided to SMBR which was attended by Member Taxes Naveed Haider, Chief Stamp Inspector Muhammad Tariq, and others.
The SMBR instructed giving notices to private housing societies and sealing underperforming housing societies.
Zahid argued that the registrar’s office ought to have access to all records of sales and acquisitions in private housing societies while tax inspectors should make sure that all stamp vendors are checked daily, and that strict sanctions are applied to those who sell bogus stamp papers.
Besides, the SMBR suggested that mobile apps should also be used to closely monitor the sale, purchase, and other financial dealings of private housing societies.
According to him, there should be specific oversight of the transfer of residential and commercial properties, and the records should include photographs of the transferred property while the stamp inspectors also need to ensure the audit of the registrars and registry clerks’ offices in timely submission of taxes to the government treasury.
Additionally, the SMBR stated that a new portal system was also being introduced to remotely verify the ownership of a property which would help the public to obtain the ownership, and specific sale deeds using a mobile device.
