New property tax in Mumbai is under HC scanner
The capital value-based regime and contending new property tax rule of Mumbai goes to High Court for proper justice.
In a petition the applicant has said to the court that the present tax hike for the properties in Mumbai is unequal and is injustice to certain property-owners in the city.
Under the new tax regime, owners of properties in old buildings and in prime areas will end up paying a significantly higher tax. Taxes on commercial properties will also be up to three times higher.
According to the new regime, residential properties with carpet area of 500 sq ft or less would be exempted from tariff rise. However, properties in old residential buildings with carpet area of 500 sq feet or more would be charged up to two times their current tax rates.
Owners of commercial properties in uptown areas such as Cuffe Parade, Nariman Point and Napean Sea Road, as well as new business centers such as Worli, Lower Parel, Bandra and Andheri, will end up paying property tax that is 25% higher than prevailing rates in cities such as neighboring Navi Mumbai.
The petition has been posted for hearing on June 16th.
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Source: Hindustan Times
[...] New property tax in Mumbai is under HC scanner [...]