property tax
GHMC has planned to revise the property tax rates for the property in Hyderabad. The owners of the real estate property in Hyderabad are expecting the general revision of property tax , which will be implemented in the next financial Year. According to sources, the GHMC has set a target to collect Rs 1000 crore [...] Continue Reading »
Two buildings across the cities of Gujarat have been legalized under the new impact fee norms in the past two months. The impact fee is too high and there is no clarity on issues related to parking space. That is the reasons the owners of the apartments in Ahmedabad are not showing any interest in [...] Continue Reading »
The Gurgaon Municipality has decided to form four zonal committee to resolve the objections raised by the residents. It is informed that there are over 50,000 pending objections related to housing tax under the municipality. The councilors suggested that ward-wise house tax committees should be formed and plots smaller than 50 square yards should be [...] Continue Reading »
The greater Hyderabad Municipal Corporation will grant discount on installation of green housing infrastructure in apartments. Installation of a solar water heater system or a rainwater harvesting system will provide a house owner for 10 percent discount on property tax. Hotels like Taj Banjara and The Park are availing 20 percent discount on their property [...] Continue Reading »
The forum for Tax Advocates asked the Delhi Government to come out with a new scheme for builders and land developers who have been constructing buildings and offices on contract basis for non-payment of Value Added Tax. The president of the advocate association feels that in the coming budget for 2012-13 the Delhi Government should [...] 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 »
