Property Tax
With the increase in input cost for the real estate industry, a rise in the property cost is expected in the real estate market in the country. With the hike in service tax, the cost of cement, steel and the labour wages have increased sharply in India. As a result of the rise, the scope [...] Continue Reading »
The planning commission has suggested to introduce new tax rule on vacant land. In a draft proposal the government wants to implement vacant land tax to generate revenue for urban infrastructure. In the draft it is proposed to charge the tax of 0.5% of the total value of the land. The government has noticed that [...] Continue Reading »
The councilors of the Chandigarh civic body have opposed the imposing of housing tax for the properties in Chandigarh. But the UT administration wants the initiation of housing tax in the municipalities. In a meeting with the UT and the municipal corporations, it is made clear that the city may lose the grants of Rs. [...] Continue Reading »
The Surat Municipal Corporation (SMC) has decided to extend the time limit for the payment of impact fees to regularize the unauthorized constructions in the city. SMC has identified 400 properties as unauthorized, and issued notice to the owners to pay the impact fees to convert the properties as authorized one. The time for submitting [...] Continue Reading »
The area of the Chennai city has grown around 250% in times. But the tax collected by the city corporation has been dropped by 5% in last fiscal year. The officials say the technical problem and the stuff crunch are main causes for the less collection of tax. Till march 31, the tax collection target [...] Continue Reading »
The property tax collection has just commenced in Bangalore and there is good amount of response. Through self assessment scheme (SAS), on day one around 4,000 property tax owners have paid taxes. The tax payers can pay tax in two installments without penalty and availing rebate. Also, in the recent press release namma Bruhat Bengaluru [...] Continue Reading »
The new property tax system have been stalled for the third time by the civic body in Mumbai. BMC has stalled the offer to implement the new capital value property tax system. However, the only ease is that there will be a provision for rebate for the owners who pay the tax on or before [...] Continue Reading »
BBMP has started collecting property tax from April 1 for the fiscal year 2012-13. Online mode of payment has also been introduced and can be paid on by logging on to http//www.bbmp.gov.in. Even credit and debit cards can be used for the same. A rebate of 5% will be given to those property owners who [...] Continue Reading »
It’s time to pay property tax! It is April and the time has come for all of us to pay property tax to namma BBMP. The property tax payment will have to be paid through the Self Assessment Scheme (SAS) and get 5 percent rebate. From April 1st BBMP has started collecting property tax for [...] Continue Reading »
The union cabinet will soon consider the real estate regulatory bill which will provide the regulatory authorities with specified functions, powers and responsibilities to settle disputed. According to the bill the registration of the property agents and the real estate projects will be made compulsory. There will be a provision for imprisonment for the builders [...] Continue Reading »
