52H. Deduction of tax from persons engaged in the real este business.-

1[52H. Deduction of tax from persons engaged in the real este business.-

(1) Any authority responsible for approving any plan submitted by any person engaged in thr real estate business for the purpose of construction of any residential or commercial building shall, at the time of giving such approval, collect income tax from the person submitting such plan at the following rates;-

(a) where the proposed building is situated within the limits of Dhaka city corporation,three percent,of the estimated cost of construction of such building or the aggregate of taka one houdred and fifty per square metre,whichever is higher;

(b) where the proposed building is situated within the limits of any city corporation or of a pourasava of a divisional headquarters or district headquarters,one percent of the cost of construction of such building or the aggregate of taka thirty percent metre,whichever is higher;

(2) The amount of tax referred to in sub-section (1) shall be treated as apayment of tax in respect of the income of the period which would be the income year in which the building referred to in the said sub-section is completed.]

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1Omitted by F.A. 2000

 

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