Property Tax
Serviced apartments is right now one of the major real estate attraction in Bangalore city. Meanwhile, the property tax department had requested state government to add serviced apartments under commercial property tax net. This plan was a seeded by namma Bruhat Bangalore Mahanagara Palike’s (BBMP). The process is right now on hold! Having a rough [...] Continue Reading »
The state government has decided to reduce the impact fee rates after witnessing a poor response from the owners of the properties of Gandhinagar. The government also plans to simplify the process to regularize unauthorized constructions under the Act. The decisions were taken at a high-level meeting between state Urban Development Department officials and municipal [...] Continue Reading »
The government has planned to implement the TDS scheme for all transactions in real estate sector. In the new property transaction scheme, any person selling a property in excess of Rs 25 lakh had to seek the prior permission of the Government. The new concept of deducting tax at source will be effective from October [...] Continue Reading »
The Bruhat Bangalore Mahanagara Palike (BBMP) is planning to bring the serviced apartments in Bangalore under the commercial property tax. Currently BBMP is rushing to complete the Property Identification Data project (PID). They hope this drive will bring serviced apartments and hidden commercial complexes to light. And the revenue collection will increase simultaneously. As the [...] Continue Reading »
The board of revenue collection under Darjeeling municipality has collected Rs. 35 lacs in last quarter of 2011-12. It is the highest ever collection achieved by the department. The municipality also recorded that still 50-60 shops under the municipality do not have license and the 50 percent of the buildings does not have mutation. The [...] Continue Reading »
The Inspector General of Registration (IGR) and Controller of Stamps office in Pune has collected Rs 14,500 crore revenue during 2011-12. According to an official of IGR, the revenue collection has increased because of the hike in ready reckoner rates. It is an indication of registration of high-value properties in Pune. Though the amount of [...] Continue Reading »
The rates of residential properties in Jalandhar will rise sharply after the hike in the collector rate of the real estate properties. rates of agricultural land and properties in and around Jalandhar are up from 400 % to 800 %. The Jalandhar Real Estate Dealers & Builders Association has decided to an agitation if the [...] Continue Reading »
Yet another easy mode of property tax payment in Chennai! Tax payers you can sigh a relief now, with a new mode of property tax payment. The mode of payment is that, several lakh residents can now pay property tax across 13 banks in India. The 13 banks include Indian Bank, Canara Bank, Indian Overseas [...] Continue Reading »
Last month the residents under Bidhan Nagar Municipality rushed for paying property tax. After paying the tax residents felt that they payed tax more than what they are liable for. The municipality authority admitted the confusion about the tax amount and informed that any extra payment will be adjusted with the next bills. As property [...] Continue Reading »
Real estate property is a good market for investments. However, the income tax structure on the real estate transactions are sometimes confusing among the investors. In income tax there are two types of tax rules: short term capital gain (STCG) and long term capital gain (LTCG). If an investor sells any property within three years [...] Continue Reading »
