property tax
The high court of Punjab has directed the civic authorities to clear five-metre area on both sides of schedule roads including Sirhind Road, Nabha Road, Sangrur Road and Rajpura Road. To execute the court order, the Municipal corporation has sent notices to shopkeepers and residents in Patiala, asking them to vacate the places. To protest [...] Continue Reading »
The Inspector General of Registration (IGR) and Controller of Stamps office in Pune has collected Rs 14,500 crore revenue during 2011-12. According to an official of IGR, the revenue collection has increased because of the hike in ready reckoner rates. It is an indication of registration of high-value properties in Pune. Though the amount of [...] Continue Reading »
The rates of residential properties in Jalandhar will rise sharply after the hike in the collector rate of the real estate properties. rates of agricultural land and properties in and around Jalandhar are up from 400 % to 800 %. The Jalandhar Real Estate Dealers & Builders Association has decided to an agitation if the [...] Continue Reading »
Last month the residents under Bidhan Nagar Municipality rushed for paying property tax. After paying the tax residents felt that they payed tax more than what they are liable for. The municipality authority admitted the confusion about the tax amount and informed that any extra payment will be adjusted with the next bills. As property [...] Continue Reading »
Real estate property is a good market for investments. However, the income tax structure on the real estate transactions are sometimes confusing among the investors. In income tax there are two types of tax rules: short term capital gain (STCG) and long term capital gain (LTCG). If an investor sells any property within three years [...] 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 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 »
