Previously, the tax rate on buyer, if non-filer, was 2pc, but now the tax rate has been raised to 7pc. Under the revised rates, every seller irrespective of timeframe has to pay a property tax of 4pc. The positive thing is that these tax rates are significantly reduced for income tax filers. For income tax filers, the tax rate is 2pc for both the buyers and the sellers, which is a substantial relief. The public is afraid of being income tax filers.
