Relief proposed in Punjab Finance Bill 2012

The Punjab Finance Bill 2012, which was tabled before the Punjab Assembly on Saturday, proposed providing relief to taxpayers, especially women, in the payment stamp duty apart from extending Capital Value Tax (CVT) exemption on power-of-attorney agreements between blood relatives.It also envisages collecting one-time token tax on 1,000cc vehicles to save owners of motor vehicles from the hassle of paying the token tax every year.The bill envisages to provide relief to taxpayers, especially women in cases of partition as a result of inheritance of property, and the existing 2 percent ad valorem stamp duty is proposed to be replaced by a fixed token fee of Rs 500.