LAHORE: The federal budget on Friday offered major tax relief to the real estate sector by halving withholding tax rates on property transactions for tax filers, a move stakeholders believe could revive market activity, improve documentation and restore investor confidence. Under the new measures, withholding tax on property purchases by filers has been reduced from 2.5 per cent to 1.25pc, while the rate on property sales by filers has been slashed from 5.5pc to 2.75pc. The government says the reductions are aimed at lowering transaction costs and stimulating investment in the sector.