Property Tax
Civic authorities in Delhi have taken a strong stand against property tax defaulters. The South corporation has attached the bank accounts of 114 properties, which have been defaulters. People and organisations with the highest amount of pending payments have been targeted by the authorities. Most of them had not paid taxes for years despite repeated [...] Continue Reading »
The Nagpur Municipal Corporation (NMC) has asked property owners who do not have water connections to pay extra property tax to make up for the delay in hiking general water tax. Owners in some localities do not have the water connection. As NMC has started to distribute property tax bills for this fiscal, property tax [...] Continue Reading »
Developers in Punjab has opposed the state government’s move to levy social infrastructure cess on property transactions. Confederation of Real Estate Developers’ Associations of India (CREDAI), Chairman, Anil Chopra stated that it would hit demand in the real estate sector which is already undergoing slowdown. Poor demand in real estate sector can be gauged from [...] Continue Reading »
The new property tax policy of the state government of Punjab has not gone down well with the citizens of Ludhiana. The property tax rates fixed at 1 per cent for residential, 1.5 per cent for institutional, 2 per cent for industrial and 4 per cent for commercial property are being considered very high by [...] Continue Reading »
In order to earn additional revenue of about Rs 1000 crores, Punjab Cabinet has decided to impose property tax on vacant lands among various other measures. Along with built up buildings, vacant plots and semi-built up units have also been brought under the purview of the proposed tax. All vacant plots would attract 25 per [...] Continue Reading »
JnNURM directorate under the Ministry of Urban Development has issued a circular to the principal secretaries of urban development departments of all the states and union territories to adopt BBMP’s model of the property identification (PID) system. Based on Geographic Information System(GIS), BBMP has developed PID numbers to be allotted to properties for property tax [...] Continue Reading »
The Bruhat Bangalore Mahanagara Palike (BBMP) is all set to issue Property Identity (PID) numbers to all property owners from September 15. The aim is to bring 16 lakh properties in Bangalore under the tax net to increase the revenue collection. Palike sources state that PID scheme is in the final stages. Properties in the [...] Continue Reading »
The Bombay Chartered Accountants Society (BCAS) has urged the state government to levy a uniform one per cent tax on buyers who purchased flats between 2006 and 2010, and those after 2010. The sales tax department and developers are yet to arrive at a mutual agreement over the quantum of Value-Added Tax (VAT) leviable, the [...] Continue Reading »
Maharashtra finance minister has indicated that the state government will provide a waiver on 15 per cent interest as penalty on value-added tax (VAT) levied on property transactions between 2006 and 2010. The news comes as a relief for the property developers and buyers. The government further clarified that VAT will be levied only on [...] Continue Reading »
The tax department of the Pune Municipal Corporation (PMC) has launched a drive to recover property tax dues from property holders. The department collected dues worth Rs 5 crore over the last few days. In a press statement issued by the tax department, it has been stated that the department will form 10 squads to recover [...] Continue Reading »
