Property Tax
Commercial property located within a radius of one kilometre from any metro line in Delhi is likely to witness a hike in property tax very soon. The three new municipal corporation heads have given a positive nod for the move. Considering the assembly elections scheduled next year, residential properties will be excluded from the hike. [...] Continue Reading »
The new property tax system proposed by Brihanmumbai Municipal Corporation (BMC) has been challenged by a PIL in the Bombay High Court recently. The new property tax bill will be applicable from April 1, 2013 but has been caught amidsr many controversies. An activist named Rajendra Thacker has filed the PIL which states that the [...] Continue Reading »
The new property tax system by Brihanmumbai Municipal Corporation (BMC) has been opposed by the real estate builders. The developers have even showed their support to consumer associations protesting against the tax system. According to the new system, the property tax is computed based on the capital value of the property as against the earlier system of going [...] Continue Reading »
Buyers Alert! Home buyers in India will have to think twice before buying luxury homes with price tags of over Rs 50 lakh. The home buyers who have already booked under construction apartments that cost over Rs 50 lakh will have to pay one percent tax deducted at source (TDS) and this tax burden is [...] Continue Reading »
Property owners who are staying within 500 metres radius and along the outer ring road (ORR) need to pay betterment tax. MUDA has proposed to impose tax on the property owners to generate more revenue. The civic body is planning to collect Rs 20 crore in the next fiscal from the proposed betterment tax. If [...] Continue Reading »
Kerala – The Union affairs Minister has approved the amendments to the Kerala Property Tax Act 2011. The new rates will be applicable from April 1, 2013 onwards. The return forms have been simplified and additional burden on homeowners has also been removed. There will be no fine imposed on the house owners who had failed to [...] Continue Reading »
Brihanmumbai Municipal Corporation (BMC) has given a relief to the residents of Mumbai by announcing an extension in dates for payment of property tax. Now, the last date for paying the new capital value based property tax is extended by three months. However, an official announcement is yet to be made. For many days, citizens [...] Continue Reading »
Kochi – As the commercial activities of Kochi city are largely shifting to its suburbs, municipalities of Kalamassery, Thrikkakara, Tripunithura and Maradu are witnessing a major increase in tax collection. The municipalities are expecting a combined revenue of over 60 percent of the revenue of the Kochi corporation (Rs 60 crore). The real estate growth [...] Continue Reading »
Residents of housing societies in Mumbai are planning to stage a dharna and one day hunger strike at Azad Maidan to protest the new property tax system. The major concern of the residents lies with the ground realities which affects a property’s price, are not taken into consideration in the ready-reckoner rates. They claim it [...] Continue Reading »
Hyderabad – With the financial year nearing, civic bodies all over India are coming up with new strategies to collect property tax dues. In this regard, Greater Hyderabad Municipal Corporation (GHMC) has directed that if a building is detected to be out of tax net of the civic body, the owner evading property tax will have to [...] Continue Reading »
