New property tax for properties in Delhi

Q: I heard that there is some new property tax being implemented for properties in Delhi. What is the tax for and how much is imposed? Give more details about it.

Veena K,

28th March 2013

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Replies (5)

You are right vivek.. Also , by the proposed tax, a buyer may have to pay income tax even on the current value which he or she has not paid. It is expected that real estate transactions in the country will reduce if this new Section 43 CA is introduced.

Jeet Bhaskar, Delhi

8th April 2013

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Is this levied on developers only? Will this affect buyers in any way? If the builder rise property rates since they have to pay more tax then it may affect buyers right..

Vivek Kulkarni,

8th April 2013

Comment

It was announced that the new tax will be implemented from April 1, 2014. It had earlier said that the tax will apply in relation to the assessment year 2014-15. By inserting Section 43CA in the Income Tax Act, the new tax will be levied on developers on the basis of assessed valuation of a property at the time of transfer, instead of levying it on sale price basis.

Saran,

8th April 2013

Comment

What tax is it? How it will be imposed and from when it will start?

Veena K,

3rd April 2013

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Veena, the proposed property tax is supposed to be imposed on property sales. The realtors are worried because the additional tax would curb the growth of the real estate sector which is already facing slowdown.

Kaushik Bardia,

3rd April 2013

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