New tax proposal on Vacant Land
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 many builders purchased lands and kept it vacant for long time.
The government decided to collect tax from these lands and raise funds for local infrastructure development programs.
States like Andhra Pradesh, Tamil Nadu, Punjab, Bihar are planning to introduce such tax rule to check the spiraling of the property prices.
More related stories:
Property registration fee high in Guwahati
Property tax collection good going in Bangalore
Source : Economic Times
Builders in India, infrastructure development programs, Planning Commission, Property Prices, property tax, tax from vacant land, urban infrastructure, Vacant land, vacant land tax
